** Previous Market view**
Bitcoin has achieved its goal of making adjustments. What do you think of the Bitcoin movement? Will it go up or down?
On November 25th, bitcoin reached the resistance level of 19480 and went down to chase support on November 26, 2020, a 24h interval. When the pullback was over, it climbed back up to the highest point on December 1, 2020. Many thought that this date should reach around 20,000 as the distance was only about 130 points the barrier to that. But it went down again on the same date which was very rapid down to 18123.
Correction
The market started relatively stable that day, and this Bitcoin adjustment lasted for 7 days as you can see in the symmetrical triangle it ended on December 7, 2020, in its symmetrical triangle. It came out a little higher than the lower highs symmetrical triangle, which deceived many traders into going up. That includes me. However, this was in conflict with the fact that he issued a red candle at the break-even point and continued its downtrend that December 7 at 8 pm and that descent continued with a decrease. -3% 24h time low today 9 December 2020.
Pay Attention
The downtrend was just a pullback down on the Support however that did not continue in my opinion. If we look at the market movement, the trend is rising. As a day trading myself, I am waiting for 1h confirmation before entering the Buy position again after taking profit from the decline from 18631 to 17995. Will it be a dump or pump? Good question. It is always good to do an analysis to be able to predict whether Bitcoin is going up or down.
My three-point views
- I drew the Fibonacci retracement from 16243-19885 so I can know the market trend. According to the lesson I learned, when it reaches 0.61, and the market returns to its previous path, it continues to do so. That is, if the previous one went up and went down to 0.61, it goes back up again (h4).
Wedges show that it is rising when it touches the support at 17626 and back up.3) The MACD after oversold, intersects the MADC line and the signal line below the Histogram which indicates an upward trend (H1).
Moving Average (MA30): It seems to still retain its role as a resistance between h4 and h1, but if you look at 30mn and 15mn, it is very supportive from below.
BTCUSD MA30 (30mn timeframe)
Technical analysis is still in the BUY zone(-1%)
I conclude I would like to express my opinion that Bitcoin will start to rise then and in the next round, it should reach the 20,000 and 21,000 targets then this month. So I went back to buying Bitcoin again.
What Do You Think Of Bitcoin Movement?
Posted Using LeoFinance Beta