Bitcoin : The King Is Refurbishing His Throne. Where To Go Now?
Updated
Hello Dear TWA family and members, Here we are at the point of history that we were talking about. At last, it seems to be we are getting the attention from the mainstream and governments all over the planet. In this analysis we would like to see the possible probable outcomes of Bitcoin's market trend on the 1D time frame.
OverAll Market Sentiment :
The current Bitcoin (BTC) price bull run seems almost unstoppable right now as BTC has just touched another new high today.The psychological barrier of $50,000 finally broke yesterday after multiple tests of this level in the previous week. In addition, banks are revealing their interest in BTC and more public companies are starting to hop on the Bitcoin bandwagon as the first German company revealed its position today. This rally could now extend to the 3.618% fib level at around $63,366 as you can see on our study. Meanwhile, altcoins are feeling some pain in their BTC pairs as a result while Bitcoin dominance is crawling back up. The primary question is whether Bitcoin sustains this run and if altcoins will drop in their BTC pairs. As you can see in our chart depiction this continuation is seen as BTC rallied toward the next point of interest. Bitcoin’s price has successfully cleared the resistance zone at around $46724 on its 2.168% fib level and is currently trying to climb even higher beyond the psychology resistance barrier at around $51,000 .Now, the critical area to watch is between $46,724-$48,000. As long as that sustains support, Bitcoin’s price can continue running towards $54,000-55,500 in the short run and depending on the technical indicators in addition to the influential fundamental news outcomes could test the next strong 3.168% fib level at around $63,366.
Chart Pattern : What to look closely?
This is a critical price level at the daily chart for Bitcoin against USDT. Its been a very strong bullish run for the last 1 and a half month and Bitcoin still couldn't stop its run and having record all time highs week by week since the beginning of the new year. The bold red line is the main resistance line for the uptrend move since early 2018 and have been growing continuously ever since. Both theoretically and naturally Bitcoin must have some consolidation or rest for some time though.
Technical Indicators :
MACD : Is showing a good energy with still a good gap with our signal line and seems to be having some space to fill yet.
RSI : is going in a healthy manner currently at around 75.
Volume : is the basic and one of the critical reasons for the hype of the current bullish market specially in recent days. The Tesla and MicroStrategy big amount of cash[a total of 1.5 Billion USD and 900 Million USD alone from this companies respectively] held in terms of Bitcoin makes the mainstream talk too much about it and makes the volume even higher which in result gives the bullish trend an energy to go further to a higher ATH price level at around 51700$ at the time of writing this analysis.
Conclusion :
So as you can see we are exactly on the critical point of decision whether to go further one leg up or to see a rest on our Bitcoins bullish run and go to our Alts trade. By this, we can't determine in a fully confident way but we know for sure that we got to possible scenario's to come after the close of the current candle stick. The current candle is actually the main reason that we don't still didn't know the outcome and we have to wait and see where the current daily candle is closing. Therefore, the most probable scenario's that can happen are :
1. If the daily candle stick can close above $51,400 - Going further upwards for a test at around $55,000 which is a minor resistance line and again to the strongest resistance area at around $63,366.
2. If the daily candle stick close below the trend line and indicators show a downtrend is coming - The Second is the one which seems to be favorable to Bitcoin lovers which helps them to get more, and for Alt traders too which are facing a hard time for the past couple of days because of Bitcoin's dominance. And it is the scenario that we might see a correctional impulsive downward wave which is to test the $46,700 area.
This is just an analysis that is trying to show where we are at right now and where we can possibly go after this. We will give live updates for it since we didn't reached our conclusion.
If you agree with this idea please show your appreciation by following our page and drop a like. If you didn't agree please let us know your insights through the comments section.
With the Best Regards. TeamTWA
@togetherweaccumulate
OverAll Market Sentiment :
The current Bitcoin (BTC) price bull run seems almost unstoppable right now as BTC has just touched another new high today.The psychological barrier of $50,000 finally broke yesterday after multiple tests of this level in the previous week. In addition, banks are revealing their interest in BTC and more public companies are starting to hop on the Bitcoin bandwagon as the first German company revealed its position today. This rally could now extend to the 3.618% fib level at around $63,366 as you can see on our study. Meanwhile, altcoins are feeling some pain in their BTC pairs as a result while Bitcoin dominance is crawling back up. The primary question is whether Bitcoin sustains this run and if altcoins will drop in their BTC pairs. As you can see in our chart depiction this continuation is seen as BTC rallied toward the next point of interest. Bitcoin’s price has successfully cleared the resistance zone at around $46724 on its 2.168% fib level and is currently trying to climb even higher beyond the psychology resistance barrier at around $51,000 .Now, the critical area to watch is between $46,724-$48,000. As long as that sustains support, Bitcoin’s price can continue running towards $54,000-55,500 in the short run and depending on the technical indicators in addition to the influential fundamental news outcomes could test the next strong 3.168% fib level at around $63,366.
Chart Pattern : What to look closely?
This is a critical price level at the daily chart for Bitcoin against USDT. Its been a very strong bullish run for the last 1 and a half month and Bitcoin still couldn't stop its run and having record all time highs week by week since the beginning of the new year. The bold red line is the main resistance line for the uptrend move since early 2018 and have been growing continuously ever since. Both theoretically and naturally Bitcoin must have some consolidation or rest for some time though.
Technical Indicators :
MACD : Is showing a good energy with still a good gap with our signal line and seems to be having some space to fill yet.
RSI : is going in a healthy manner currently at around 75.
Volume : is the basic and one of the critical reasons for the hype of the current bullish market specially in recent days. The Tesla and MicroStrategy big amount of cash[a total of 1.5 Billion USD and 900 Million USD alone from this companies respectively] held in terms of Bitcoin makes the mainstream talk too much about it and makes the volume even higher which in result gives the bullish trend an energy to go further to a higher ATH price level at around 51700$ at the time of writing this analysis.
Conclusion :
So as you can see we are exactly on the critical point of decision whether to go further one leg up or to see a rest on our Bitcoins bullish run and go to our Alts trade. By this, we can't determine in a fully confident way but we know for sure that we got to possible scenario's to come after the close of the current candle stick. The current candle is actually the main reason that we don't still didn't know the outcome and we have to wait and see where the current daily candle is closing. Therefore, the most probable scenario's that can happen are :
1. If the daily candle stick can close above $51,400 - Going further upwards for a test at around $55,000 which is a minor resistance line and again to the strongest resistance area at around $63,366.
2. If the daily candle stick close below the trend line and indicators show a downtrend is coming - The Second is the one which seems to be favorable to Bitcoin lovers which helps them to get more, and for Alt traders too which are facing a hard time for the past couple of days because of Bitcoin's dominance. And it is the scenario that we might see a correctional impulsive downward wave which is to test the $46,700 area.
This is just an analysis that is trying to show where we are at right now and where we can possibly go after this. We will give live updates for it since we didn't reached our conclusion.
If you agree with this idea please show your appreciation by following our page and drop a like. If you didn't agree please let us know your insights through the comments section.
With the Best Regards. TeamTWA
@togetherweaccumulate
Trade active
On the 4H chart we are already developing the first scenario as we said it and Bitcoin is breaking the 52K area. We still need time and confirmation candle and wave patterns for now but if things continue like this we are moving towards the minor resistance at around $56,500 for now.
Note : Alt market is more riskier at this point so for those who used a stop loss as we recommended #Hodl your bitcoin positions till we get a confirmation and for those who didn't used a stop loss please keep up your patience since we are going back to the up once Bitcoin settled.
#TogetherWeAccumulate
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