Bitcoin Long Term Picture, Part 2
Updated
In the previous analysis from almost 2 months ago, i talked about bulls need to hold 8500 and that the longer we stay in the 10k/8.5k range, the better it would be for the bulls. However, there are 2 things that are NOT in favor for the bulls since.
1) That failed breakout to 10.400, usually a big sign of the markets intensions.
2) It was bullish to see bulls keep price above the 9K and close to the resistance, but where i asked for weeks, it has almost been 2 months now. So where thinking of 2/4 weeks, which would have been bullish, now i tend to think it has become more in favor of the bears.
Past weeks i have been slightly in favor of a bearish outcome, but still no real conviction about it though. When looking at this picture, since that 10k/11k resistance still seems too big of a resistance, it would make most sense to see like a big inverse H&S to made. So making a correction (shake out) to like 7500 and then see buyers step in the market again. I think it is VERY important though, to see that green line NOT get broken anymore (read my thoughts about that line in part 1 of this analysis.
Think we could also say, as long as Bitcoin moves above that green line, there is still a good chance for a bull trend again later on. If it would break, i think a lot of bull dreams will be shattered.
About the short term movement, i will write it in another analysis later on.
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Previous analysis:
1) That failed breakout to 10.400, usually a big sign of the markets intensions.
2) It was bullish to see bulls keep price above the 9K and close to the resistance, but where i asked for weeks, it has almost been 2 months now. So where thinking of 2/4 weeks, which would have been bullish, now i tend to think it has become more in favor of the bears.
Past weeks i have been slightly in favor of a bearish outcome, but still no real conviction about it though. When looking at this picture, since that 10k/11k resistance still seems too big of a resistance, it would make most sense to see like a big inverse H&S to made. So making a correction (shake out) to like 7500 and then see buyers step in the market again. I think it is VERY important though, to see that green line NOT get broken anymore (read my thoughts about that line in part 1 of this analysis.
Think we could also say, as long as Bitcoin moves above that green line, there is still a good chance for a bull trend again later on. If it would break, i think a lot of bull dreams will be shattered.
About the short term movement, i will write it in another analysis later on.
Don't forget to like if you appreciate this
Previous analysis:
Note
Short term Bitcoin analysis:
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