BTCUSDT | Ultimate Analysis | The Correction Causes

Updated

Hello, dear subscribers!

Today we are going to introduce the complete Bitcoin analysis, technical analysis, fundamentals, correction causes and the future potential price action.
Let's GO!

SHORT TERM TECHNICAL ANALYSIS
Now everything looks very bullish. The falling wedge pattern played out and we can see the nice price increase above the very important $47286. If the BTC price find support above it (white scenario 2) the next important level to breakout is the $52209. These levels are vital to continue the bull run.

Potentially the price can return to $43829 level which is the strong support.

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LONG TERM TECHNICAL ANALYSIS
Here we can notice that the current correction is absolutely normal during this bull run. We are still above 50-day moving average which acted as a strong support. Also the Bitcoin price always have difficulties to overcome the Fibonacci levels. Every correction occurs exactly at the Fib level and we should be ready for it always. Now it is important to close above $47000 Fib level and continue recovery.

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FUNDAMENTALS
The fundamentals are the most important to explain the current correction. The first wave of dump was at February, 23. It started from the huge manipulation by the F2Pool Miners. They withdraw a huge amount of Bitcoins in one hour and deposited it on the exchanges. Next day they sold all these Bitcoins and the price felt due to increased BTC supply. After that the price began to recover but the traditional markets dumped during all last week, it influenced negatively on the Bitcoin price.

What is now? The traditional markets increased today and the BTC too. A lot of institutional investors bought Bitcoin last week because it was cheap. This is a very bullish sign.

There is one warning sign - the F2Pool miners withdraw the Bitcoins again but it was not deposited on the exchanges. We are going to observe this situation to be ready for the next potential dump. Until it is not happened everything is ok.

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MACROECONOMIC ANALYSIS
The Bitcoin price depends on the Dollar Index and the dollar depreciation is the huge Bitcoin price growth factor and now we have some nice fundamentals in this sphere.
1. If the Dollar Index forms the double top pattern we can expect the long-term Dollar cost decline. It is nice for all Bitcoin holders because investors are going to protect their money of inflation.
2.The government transferred the money to individuals during the Pandemic. Thus we have the increased fiat money supply and free means which individuals have for the investments in traditional assets and cryptocurrencies.

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SUMMARY
The macroeconomic factors are going to stimulate Bitcoin price growth in the long run. This correction's causes are F2Pool miners manipulation, traditional markets dump and fear of the investors. Now it looks bullish but we should be conscious about the potential manipulations in the future. If you want the actual updates of this analysis, please, give us a support with likes and comments! It is not difficult but vital for us!

DISCLAMER: Information is provided only for educational purposes. Do your own study before taking any actions or decisions.

Trade closed: target reached

The price found support exactly at 0.61 Fib level as said in the short term analysis. Now it reached and got rejection from 0.78 Fib level ($52000). In this case it would be normal to test $47000 level again. If it will be the case we have a nice opportunity to buy in the dip again. Also let's notice that the Bitcoin price was able to break through the 21-day moving average. It means that the recovery is really fast after this nasty correction.

I think we should be careful now because the F2Pool affiliated miners continue to withdraw their Bitcoins from their wallets. Until the all crypto exchanges reserves of bitcoins have no sharp increase we are in safety, but just be careful!

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