Bitcoin still bearish ?!?
💡 In the short-term analysis of #Bitcoin for the coming weeks
✍️It seems that after about 60 days and with a growth of 42% from its last major floor of $18,000 range, now gradually the buyers have lost their power and in the On Chain data there is also a sign of big purchases. The most likely scenario is a correction from the $25,000 range, and it should be seen whether another major floor will be recorded on the path of bitcoin's fall.
✍️ If there is a breakdown from the compression zone indicated in the chart with a strong downward momentum, with a very high probability this fall will continue up to the range of $19,000.
✍️Also, due to the high correlation of cryptocurrencies with the American stock market indices, if the Nasdaq and S&P indices continue their upward movement at the beginning of this week, it can be expected that Bitcoin will approach the important levels of 27 and 28 thousand dollars.
✍️ The more important point is that we are still in a bear market and we should be careful not to make new purchases at the end of such rallies.
Be profitable
#bitcoin
✍️It seems that after about 60 days and with a growth of 42% from its last major floor of $18,000 range, now gradually the buyers have lost their power and in the On Chain data there is also a sign of big purchases. The most likely scenario is a correction from the $25,000 range, and it should be seen whether another major floor will be recorded on the path of bitcoin's fall.
✍️ If there is a breakdown from the compression zone indicated in the chart with a strong downward momentum, with a very high probability this fall will continue up to the range of $19,000.
✍️Also, due to the high correlation of cryptocurrencies with the American stock market indices, if the Nasdaq and S&P indices continue their upward movement at the beginning of this week, it can be expected that Bitcoin will approach the important levels of 27 and 28 thousand dollars.
✍️ The more important point is that we are still in a bear market and we should be careful not to make new purchases at the end of such rallies.
Be profitable
#bitcoin
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.