Bitcoin, long term analysis
Hi all, today I am going to give my opinion on Bitcoin.
First of all lets take a look at the chart.
In the daily chart we can all see a falling wedge Bitcoin has been respecting through the entire year. In general terms, we have been in a bearish trend for the past 11 months. Right now, although we have broken the falling wedge, I am not confident on a trend change yet. The volume is really low, so maybe the optimistic ones can start to think we are in a accumulation period. I agree with them, but I still strongly consider BTC could try to re-test the orange support zone once again.
The hypothesis of an accumulation period is not wrong as long as that doesn't happen.
The thing I think we all agree about is, that there are no signals of a trend change yet. So for the ones who like to anticipate to the market moves, please take into account the possibilities of a new spike to the downside.
We'll keep an eye on bitcoin during the next days. I think it is crucial for Bitcoin to maintain these supports I've drawn. Both the orange support zone and the purple uptrend line.
As long as it holds there, I am confident BTC will get back to it's upwards trend.
On the other hand, this year we may have not seen a huge growth in the market cap, but there have been huge developments in terms of adoption and integration of the blockchain technology and it's applications. Moreover the gate for institutional money is slowly opening to this market. Baakt for now, and ETFs can give to cryptocurrencies the impulse they need to remain.
Hope you enjoy my words. I'm just trying to keep it simple. I think this is the point we are at. Huge potential but for now on we'll have to fight every resistance little by little. I don't discard a rally for the end of the year, but of course I am not seeing it again as big as it was the past year.
Follow me if you like my content,
Cheers!!
First of all lets take a look at the chart.
In the daily chart we can all see a falling wedge Bitcoin has been respecting through the entire year. In general terms, we have been in a bearish trend for the past 11 months. Right now, although we have broken the falling wedge, I am not confident on a trend change yet. The volume is really low, so maybe the optimistic ones can start to think we are in a accumulation period. I agree with them, but I still strongly consider BTC could try to re-test the orange support zone once again.
The hypothesis of an accumulation period is not wrong as long as that doesn't happen.
The thing I think we all agree about is, that there are no signals of a trend change yet. So for the ones who like to anticipate to the market moves, please take into account the possibilities of a new spike to the downside.
We'll keep an eye on bitcoin during the next days. I think it is crucial for Bitcoin to maintain these supports I've drawn. Both the orange support zone and the purple uptrend line.
As long as it holds there, I am confident BTC will get back to it's upwards trend.
On the other hand, this year we may have not seen a huge growth in the market cap, but there have been huge developments in terms of adoption and integration of the blockchain technology and it's applications. Moreover the gate for institutional money is slowly opening to this market. Baakt for now, and ETFs can give to cryptocurrencies the impulse they need to remain.
Hope you enjoy my words. I'm just trying to keep it simple. I think this is the point we are at. Huge potential but for now on we'll have to fight every resistance little by little. I don't discard a rally for the end of the year, but of course I am not seeing it again as big as it was the past year.
Follow me if you like my content,
Cheers!!
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