[ad_1]
Bitcoin (BTC) has struggled to break the $ 5,445 barrier for more than ten hours. The last time BTC / USD escaped from a similar pennant, it made a short rally that was followed by a major drawback. The price has now significantly exceeded the Fib retracement level of 61.8%, but if it continued to consolidate to current levels without forming higher ups and downs, the likelihood of a flash crash would increase. . This likely accident would allow BTC / USD to print the same fractal that it has twice in the recent past. This fractal would see the price finally test the resistance zone between $ 5,800 and $ 6,000. It is very unlikely that the price will enter another downtrend without testing this area.
The bears have become too confident, too fast. The number of short films with margins continues to accumulate and most retailers expect a drop in price since they were trading around $ 5,000. If the price continues to rise and reaches the $ 5,800 to $ 6,000 mark, it could result in a brutal tightening and most retailers will be forced to leave their positions, which will drive up the price Bitcoin (BTC). That being said, this is a zone of strong resistance and there are many sellers in this area, which means that the effects of a brief tightening will probably be offset by the dumping of whales on over-enthusiastic bulls. The best scenario for market makers and whales is to give retailers and porters the chance. By putting a short pressure in place, they first bankrupt the bears and then imprison the bulls just before throwing them away.
The daily chart for BTC / USD shows that the price still has a lot of room to move closer to $ 5,800 to $ 6,000. It is very important that the price test this level. This will give bulls and bears clarity on length and length, depending on how the price tests this level. While our views remain unchanged, we expect the BTC / USD to drop to $ 1,800 or lower in the coming months. This has more to do with financial developments at the macro level than Bitcoin (BTC) itself. Let's not forget the fact that the BTC / USD has not been this weekly overbought since the beginning of the bear market.
Can the price go up from now and break the hardest resistance zone in such overbought conditions? I do not think so. That being said, I would not be surprised by any manipulation to get the general public to think that it can go beyond this zone of resistance or that it has already done so. The overview is very clear on longer delays and the manipulation of short-term prices will not change anything, with the exception of the feeling of unsuspecting retail traders who always end up losing money. ;money. The next move between $ 5,800 and $ 6,000 will probably spark the enthusiasm of many people. The RSI and stochastic indicators on the daily chart show that price will most likely have this trend. However, bulls and bears must be very careful before entering a trade here. It is important to be right about the direction to be taken by Bitcoin (BTC), but it is more important to be right about timing.
Source link
