No Bullish Sign for BTC, for Now
It might sound logical that BTC should go up quickly, since ETH is shattering one ceiling after another. ETH will have to rest and someone should take the helm and not leave the Crypto ship to the young and unexperienced DOGE. However, BTC is recovering from the last stroke right now and seems to need some more rest.
Metaphors aside, the graph shows that BTC is still within the range trends that had been controlling its price since the beginning of the bullish cycle last year. A flat bottom and a curved up were not violated until the price broke the floor and retreated to the Bollinger Bands median of the weekly chart. This is a massive support by definition and any further breaks usually indicate a bearish market. Thankfully, for GOod Old Bitcoin, things are not that bad. Below, are the 2 most probable scenarios:
For me, based on evidence so far as shown in the graph, the second option is more likely. Where BTC goes after any of these options depends on the state of the market then. If the Crypto coins continue flourishing during the hiatus of their leader. then he would probably feel the urge to catch up.
Metaphors aside, the graph shows that BTC is still within the range trends that had been controlling its price since the beginning of the bullish cycle last year. A flat bottom and a curved up were not violated until the price broke the floor and retreated to the Bollinger Bands median of the weekly chart. This is a massive support by definition and any further breaks usually indicate a bearish market. Thankfully, for GOod Old Bitcoin, things are not that bad. Below, are the 2 most probable scenarios:
- BTC goes up in the coming days and hot the resistance of the previous flat bottom (also the upper Bollinger Band).
- The trends constellation continues until the upper curve meets the lower line near the end of may. This is also indicated by the Bollinger Bands closing down, signifying a probable flat period until then, that is a Bollinger Band squeeze.
For me, based on evidence so far as shown in the graph, the second option is more likely. Where BTC goes after any of these options depends on the state of the market then. If the Crypto coins continue flourishing during the hiatus of their leader. then he would probably feel the urge to catch up.
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