Possible scenario for the further development of Bitcoin
Updated
#BTC
In case of continued growth, it may be insignificant, as part of an attempt to break the downtrend. The subsequent growth correction is obligatory and it may again bring the market to the upper boundary of the channel, from where we will attempt to form a larger movement upwards.
In case of continued growth, it may be insignificant, as part of an attempt to break the downtrend. The subsequent growth correction is obligatory and it may again bring the market to the upper boundary of the channel, from where we will attempt to form a larger movement upwards.
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Small and medium timeframes are beginning to take a more bullish appearance, the scenario of movement to the resistance of 6000 is still relevant. On a 1-day scale, MACD, RSI & STOCH RSI look very positive and may look even better over the next couple of days. The volumes are not the biggest, this impulse should not be perceived as a global rebound, there is potential to rise, but on the whole we are still in a bear market, further growth may turn out to be a rebound of a dead cat followed by a downward trend.
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On the scale of the month, we are approaching the MA50 and most likely in the end we will not just touch it, but we can confidently break through, as we did it a couple of times with the past like a global reversal, the situations are very similar. But since the current fall was too fast, we can now rise slightly as part of the correction of this fall. Perhaps on the scale of the month we will get a beautiful green candle with a close above the current red one and as a result of this correction we will be able to touch the 5000 mark.
On a weekly scale, we touched the MA200, where we received good support, from where we still rebound and are currently trying to overcome important resistance (about 3650), locking above which we will get greater chances to rise to 5000. There will be few chances to go further up , with a high probability after the 5000 test, we can again continue the downward trend.
On a daily basis, we have a good bullish mood, but we repeat that the market is weak and for further positive it is necessary to overcome local resistance. If we fail to fix ourselves now and we get a step down, we will probably continue to decline for a few more days. And this time the support of 3200 may not hold the market, there will be a big chance to test the 3000 mark, which also does not inspire confidence now.
Note
If we close above local resistance - we go further upwards, if we take a step down, then we continue to fall in the downward channel.
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