Bitcoin has a strong possibility of turning bullish
Updated
Firstly, I would like to mention that BTC is currently in a significant Bear trend on the weekly chart. Breaking the weekly trend is more challenging than the daily and hourly for those who are unaware. Isn't it clear??
Therefore, to see bitcoin in a bullish trend, we require confirmation of the Bull. We are already in Bear mode, so we do not require confirmation of that !!!
Having said all that, I would like to mention a couple of things regarding (WEEK EMA 55).
55-week exponential moving average (EMA)
The 55-week EMA serves as a robust support line. If BTC surpasses it, the result will be extremely positive. You can also examine May-Jun-Jul 2021 for comparable patterns, as well as explore other cryptocurrencies. It applies to nearly all of them.
Up to this point, BTC has successfully ended above the orange line during previous months.
Therefore, to sum up, BTC is currently in a bear market. There is a possibility of a bullish trend. Only if Bitcoin closes above 69,000 daily and maintains a strong grip on this level will the bullish trend be confirmed.
Best wishes .
Therefore, to see bitcoin in a bullish trend, we require confirmation of the Bull. We are already in Bear mode, so we do not require confirmation of that !!!
Having said all that, I would like to mention a couple of things regarding (WEEK EMA 55).
55-week exponential moving average (EMA)
The 55-week EMA serves as a robust support line. If BTC surpasses it, the result will be extremely positive. You can also examine May-Jun-Jul 2021 for comparable patterns, as well as explore other cryptocurrencies. It applies to nearly all of them.
Up to this point, BTC has successfully ended above the orange line during previous months.
Therefore, to sum up, BTC is currently in a bear market. There is a possibility of a bullish trend. Only if Bitcoin closes above 69,000 daily and maintains a strong grip on this level will the bullish trend be confirmed.
Best wishes .
Trade active
As I mentioned in my previous BTC idea,
"For the benefit of altcoins, Bitcoin needs to hit $68,000. For what reason? Due to the fact that many of them have passed away and been interred! The crypto market needs $68,000 to continue operating."
-----------------------------------------------
We will see $73,000 to $75,000 soon with no drop in price until the end of October.
Furthermore, it is possible to anticipate a change from $59,000 to $60,000.
Trade active
We have achieved a total of 73,500. There is no need to worry as BTC remains powerful.
BTC will consolidate in the range of 65,000~69,000 for a period of time. A sudden drop to 62,000 or 59,000 could occur, but recovery would be fast.
If you still haven't participated,
entry 1 : 62,000
entry 2 : ~64,000
entry 3 : ~65,000
----------------
TP 1 : 76,000
TP 2 : 82,000
TP 3 : 89,000
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.