BITCOIN : END OF THE CORRECTION?
- The market trades above a bullish trendline since the end of Ferburary, the mid-term trend is bullish.
- following a new all-time high above 73,880$, the market has registered a bearish correction leading prices back to their bullish trendline for the 3rd time.
However, investors' appetite for the asset has been powerful enough to prevent the market from dipping lower and invalidate the mid-term bullish trend, which caused a sharp rebound over the 50% retracement around 62,230$.
A bullish cross has just been registered by the 2 moving averages, following an upside reversal.
The MACD indicator has shown a very short-term bearish signal, but still evolves in buying zone, above its own trendline.
- The landscape is rather positive for the most well known cryptocurrency on the technical front.
The strong bullish reaction over the 50% retracement level + trendline allows us to expect a bullish trend resurgence.
However, the market currently trades inside a very short-term trading range and will need to clear the 71,050$ level in order to confirm the bullish scenario towards 72,530$, 75,290$ and even 79,260$.
If the lower bound of the range at 68,270$ were to be broken, a deeper correction around 66,210$ and 65,175$ could be seen on the short-term basis.
Pierre Veyret, Technical Analyst at ActivTrades
The information provided does not constitute investment research. The material has no been prepared in accordance with the legal requirements designed to promote the independence of investment research and such is to be considered to be a marketing communication.
All information has been prepared by ActivTrades ("AT"). The information does not contain a record of AT's prices, or an offer of or solicitation for a transaction in any financial instrument. No representation or warranty is given as to the accuracy or completeness of this information.
Any material provided does not have regard to the specific investment objective and financial situation of any person who may receive it. Past performance is not reliable indicator of future performance. AT provides an execution-only service. Consequently, any person acing on the information provided does so at their own risk.
- following a new all-time high above 73,880$, the market has registered a bearish correction leading prices back to their bullish trendline for the 3rd time.
However, investors' appetite for the asset has been powerful enough to prevent the market from dipping lower and invalidate the mid-term bullish trend, which caused a sharp rebound over the 50% retracement around 62,230$.
A bullish cross has just been registered by the 2 moving averages, following an upside reversal.
The MACD indicator has shown a very short-term bearish signal, but still evolves in buying zone, above its own trendline.
- The landscape is rather positive for the most well known cryptocurrency on the technical front.
The strong bullish reaction over the 50% retracement level + trendline allows us to expect a bullish trend resurgence.
However, the market currently trades inside a very short-term trading range and will need to clear the 71,050$ level in order to confirm the bullish scenario towards 72,530$, 75,290$ and even 79,260$.
If the lower bound of the range at 68,270$ were to be broken, a deeper correction around 66,210$ and 65,175$ could be seen on the short-term basis.
Pierre Veyret, Technical Analyst at ActivTrades
The information provided does not constitute investment research. The material has no been prepared in accordance with the legal requirements designed to promote the independence of investment research and such is to be considered to be a marketing communication.
All information has been prepared by ActivTrades ("AT"). The information does not contain a record of AT's prices, or an offer of or solicitation for a transaction in any financial instrument. No representation or warranty is given as to the accuracy or completeness of this information.
Any material provided does not have regard to the specific investment objective and financial situation of any person who may receive it. Past performance is not reliable indicator of future performance. AT provides an execution-only service. Consequently, any person acing on the information provided does so at their own risk.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.