Bitcoin ($BTC): Price Action Analysis & Forecast in medium-term
Updated
Hi everybody!
In recent months my view on Bitcoin has not changed and only technical analysis will tell me "if and when" to change my mind. Well, as mentioned in our latest weekly analysis, the approach to the resistance area (Pivot + MA200) was expected, so we are not surprised by the rally triggered during yesterday's session. In support of this analysis, the Market Cap Index (TOTAL2) also seems to prove us right (see chart below), even if at the moment, on weekly chart, the trend is bearish, yet. Another interesting element is to see "how"
BTC triggered this bullish leg from 15,000 (that's why I don't use indicators or oscillators in my analysis). Today and in the next sessions, my supporters and I will continue to follow the dynamics on lower time frames (daily and intraday chart) in search of the next swing that should push the Price Action towards a consolidation. From a technical point of view, I think it is much more important to follow the opening of the next weekly bar than the closing of this candle....but this is just my opinion...
TOTAL MARKET CAP ANALYSIS
(Click & Play on Chart below)
BULLISH LEG from 15,000 AREA
(Click & Play on Chart below)
Trade with care! 👍 ...and if you think that my analysis is useful, please..."Like, Share and Comment" ...thank you! 💖
Cheers!
N.B.: Updates will follow below
In recent months my view on Bitcoin has not changed and only technical analysis will tell me "if and when" to change my mind. Well, as mentioned in our latest weekly analysis, the approach to the resistance area (Pivot + MA200) was expected, so we are not surprised by the rally triggered during yesterday's session. In support of this analysis, the Market Cap Index (TOTAL2) also seems to prove us right (see chart below), even if at the moment, on weekly chart, the trend is bearish, yet. Another interesting element is to see "how"
BTC triggered this bullish leg from 15,000 (that's why I don't use indicators or oscillators in my analysis). Today and in the next sessions, my supporters and I will continue to follow the dynamics on lower time frames (daily and intraday chart) in search of the next swing that should push the Price Action towards a consolidation. From a technical point of view, I think it is much more important to follow the opening of the next weekly bar than the closing of this candle....but this is just my opinion...TOTAL MARKET CAP ANALYSIS
(Click & Play on Chart below)
BULLISH LEG from 15,000 AREA
(Click & Play on Chart below)
Trade with care! 👍 ...and if you think that my analysis is useful, please..."Like, Share and Comment" ...thank you! 💖
Cheers!
N.B.: Updates will follow below
Note
In the near term a corrective structure is still possible, that said, we have also updated our Twitter Page!
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