Hi guys,
Let's go to the weekly chart of Bitcoin, where
BTC managed to push above the $42,000 level for a few minutes today. The future scenarios for BTC are still either a rise to $47,000 or a fall to $34,800, in both cases it will be inevitable to hit the uptrend support line. Also, the 50DMA continues to support BTC and the RSI index has risen above 70 again like the previous three bull cycles.
Accordingly, as BJWise, I see the continuation of the bull cycle only ifBTC remains faithful to the uptrend support line. Bitcoin is now 168% in profit from its last recorded low, which will be a serious warning and alarm for the market and all users to tread more cautiously from now on.
This is not a financial advice and please do your own research.
Goodluck
Let's go to the weekly chart of Bitcoin, where
BTC managed to push above the $42,000 level for a few minutes today. The future scenarios for BTC are still either a rise to $47,000 or a fall to $34,800, in both cases it will be inevitable to hit the uptrend support line. Also, the 50DMA continues to support BTC and the RSI index has risen above 70 again like the previous three bull cycles.Accordingly, as BJWise, I see the continuation of the bull cycle only if
BTC remains faithful to the uptrend support line. Bitcoin is now 168% in profit from its last recorded low, which will be a serious warning and alarm for the market and all users to tread more cautiously from now on.This is not a financial advice and please do your own research.
Goodluck
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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.
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.