BITCOIN: The bear knocks down
Even though it was able to climb more than 38% of the market cap, during the night Bitcoin prices returned to below 8000 dollars, reaching a period low in the 7840 area. Technical structure in line with the assumption that the current monthly sub-cycle will be closed within the next few hours. The ongoing bearish movement recorded a 61.8% retracement from the highs at the beginning of the month when prices rose to 10 thousand dollars. With the return of prices below the threshold of 8000 dollars ends the bullish phase of medium term. We enter the neutral band that sees the bears appear in the 7400 dollars area. A return of prices below this level will make us fear for the return of a bearish phase.
Operating levels
UPWARD TREND: The structure of lower highs and lows shows a downward trend in weekly terms. To see the return of purchases we need to see prices return above 8000 dollars.
DOWNWARD TREND: The substrate must be sealed at 7800 dollars. Breakage opens dangerous spaces for extension up to 7400 area. Extensions below this last level would bring back the bearish phase in a medium-long term perspective.
Operating levels
UPWARD TREND: The structure of lower highs and lows shows a downward trend in weekly terms. To see the return of purchases we need to see prices return above 8000 dollars.
DOWNWARD TREND: The substrate must be sealed at 7800 dollars. Breakage opens dangerous spaces for extension up to 7400 area. Extensions below this last level would bring back the bearish phase in a medium-long term perspective.
Zio Romolo è tra i maggiori trader italiani precursori dell'analisi ciclico-volumetrica e l'unico che vanta numerosi cloni rimanendo sempre inimitabile.
Cura le analisi ed i commenti di apertura giornata su cryptonomist.ch
Cura le analisi ed i commenti di apertura giornata su cryptonomist.ch
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