Bitcoin - do or die - buy on 4H before next breakout
Updated
Bitcoin market price reached for the fourth time important trend support lines and is likely to retrace again from current price area.
The current movement could be related to the verdict against Craig Wright, which calls on him to transfer about 500K bitcoins to the heirs of his deceased business partner. I'm assuming a panic reaction from the market because in my opinion Craig Wright doesn't have so many bitcoins at all and the verdict shouldn't have any effect.
The other possible explanation and more likely for me is the dump below 10K and fall under the uptrend line which has formed since mid-August. For a lot of bots this was a sell-signal which is why the price fell relatively fast as so often. Now we are back at a good long support and I expect at least a reversal movement until shortly before $ 10,000, if the market should break beyond that I expect further growth until the upper end of the drawn triangle.
Only a break over the triangle formation would make a larger bullish movement possible.
- Stochastic RSI is heavy overselled and baselines crossed bullish
- regular RSI is heavy overselled which brings buyers into the market
Why do or die ?
If the price should not hold above the triangle support line we will see another long bearish cycle (up to 2-3 months) to at least 7500 $ area. If the price hold within triangle we will see another test of triangle resistance line which is likely to fail which means a bigger up wave after breakout and confirmation above triangle
The current movement could be related to the verdict against Craig Wright, which calls on him to transfer about 500K bitcoins to the heirs of his deceased business partner. I'm assuming a panic reaction from the market because in my opinion Craig Wright doesn't have so many bitcoins at all and the verdict shouldn't have any effect.
The other possible explanation and more likely for me is the dump below 10K and fall under the uptrend line which has formed since mid-August. For a lot of bots this was a sell-signal which is why the price fell relatively fast as so often. Now we are back at a good long support and I expect at least a reversal movement until shortly before $ 10,000, if the market should break beyond that I expect further growth until the upper end of the drawn triangle.
Only a break over the triangle formation would make a larger bullish movement possible.
- Stochastic RSI is heavy overselled and baselines crossed bullish
- regular RSI is heavy overselled which brings buyers into the market
Why do or die ?
If the price should not hold above the triangle support line we will see another long bearish cycle (up to 2-3 months) to at least 7500 $ area. If the price hold within triangle we will see another test of triangle resistance line which is likely to fail which means a bigger up wave after breakout and confirmation above triangle
Note
buy area between 9350 and 9400 $Note
Note
market need more volume to break important price areaNote
partial take profit reachedTrade closed: target reached
The analyses provided are for informational purposes only and do not constitute financial advice or recommendations to buy or sell anything. The information presented is based on personal research and interpretation.
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