Bitcoin ($BTC): Analysis & Price Action in medium-term
Updated
Hi Traders!
If we look at Bitcoin in long-term, the weekly chart is still very interesting. Technically, we are approaching an important medium-term resistance area, and if the trend is still bearish, it is possible that a bearish impulse structure will appear and the area around 14,560 should be reached. What both scenarios have in common is an expected short-term bearish leg (white rectangle), and this will be a simple pullback or bearish reversal. The key resistance area on the weekly chart is around 26.750 (Pivot Area).
In recent weeks we have also followed BTC on the daily chart (see chart below), here the trend has returned slightly bullish, but as we have already said, on a big figure the trend is still bearish.
(Click and Play Chart below)
On intraday chart, the trend is bullish, but we will have to wait for a Top breakout to confirm a further rally in short term. At the moment, as we expected, Bitcoin is developing a bearish (corrective?) structure that could continue in the next few hours.
(Click and Play Chart below)
Thank you for support and your "Likes" ....we will continue to follow the crypto with updates below!
thanks for your attention and please... trade with care! 💖
If we look at Bitcoin in long-term, the weekly chart is still very interesting. Technically, we are approaching an important medium-term resistance area, and if the trend is still bearish, it is possible that a bearish impulse structure will appear and the area around 14,560 should be reached. What both scenarios have in common is an expected short-term bearish leg (white rectangle), and this will be a simple pullback or bearish reversal. The key resistance area on the weekly chart is around 26.750 (Pivot Area).
In recent weeks we have also followed BTC on the daily chart (see chart below), here the trend has returned slightly bullish, but as we have already said, on a big figure the trend is still bearish.
(Click and Play Chart below)
On intraday chart, the trend is bullish, but we will have to wait for a Top breakout to confirm a further rally in short term. At the moment, as we expected, Bitcoin is developing a bearish (corrective?) structure that could continue in the next few hours.
(Click and Play Chart below)
Thank you for support and your "Likes" ....we will continue to follow the crypto with updates below!
thanks for your attention and please... trade with care! 💖
Note
The percentage of Bitcoin (
BTC) investors holding onto the flagship cryptocurrency for longer periods of time reached a new all-time in December of last year, as HODLers are weathering the bear market while waiting for a trend reversal.According to data from leading digital asset market data provider, cryptocurrency markets have seen a “surprisingly positive start to 2023,” with
BTC moving up 25.1%. CryptoCompare researchers note that there are several factors contributing to the upward move, including ownership distribution of BTC showing long-term holder percentages have hit a new all-time high of 72.3% in December, which could be expected “following periods of consolidation where long-term holders can accumulate BTC at low prices.”Note
No changes during today's session...Note
...still bullishNote
Note
corrective structure completed...(Click & Play on Chart below)
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