BTC 12h A tense situation at the end of the month!
How big are the chances of BTC medium-term growth continuation and breaking $14,000? What happens if the mark $12,850 doesn't hold up?
In this idea, we will express our vision of the situation and highlight the critical points by which we will be guided in the coming time.
Having gone beyond the inclined consolidation on 27 October, BTC price steadily moved towards $13,870. Before reaching $10 to the target, buyers stopped. We wrote about this mark in one of our ideas.
According to this idea, BTC price is trading in a wide growth channel from April 2020.
On 2 and 18 August, BTC price touched the upper trendline of this channel. The result is BTC market fall by 20%.
Now about the nature of the price growth after exiting the consolidation.
In theory, after breaking the consolidation, we see a strong impulse. We agree that the beginning of growth looked so confident. But, pay attention to how sellers actively began to slow down the price.
The active BTC price fall next day was on large volumes. Thus, buyers have shown that they are ready to keep the price. Although market purchases are needed to continue the trend. Yesterday we saw that buyers forces have not yet left.
At least the balance of power in the market has changed. At the moment, we cannot confidently state that the growth will continue. The price returned to the fighting zone again.
Critical points. After breaking $12,850, an active BTC fall will begin, which will entail the entire crypto market. Some coins, such as NEO, are already half dead and expect nothing from this life.
To continue to grow, buyers first need to fix at least above $13,600-13,700.
Our subjective opinion is that the market will fall and our target is unchanged - $11,450 for a start. However, now the forces are equal and yesterday buyers proved their right for their trend existence.
We will publish the global idea for BTC when the price exits from the critical point.
We are waiting for the weekly and monthly candles closing!
__________________________
Each "like under the idea" boosts the level of our happiness by 0.05%. If we help you to be calmer and richer - help us to be happier :)
In this idea, we will express our vision of the situation and highlight the critical points by which we will be guided in the coming time.
Having gone beyond the inclined consolidation on 27 October, BTC price steadily moved towards $13,870. Before reaching $10 to the target, buyers stopped. We wrote about this mark in one of our ideas.
According to this idea, BTC price is trading in a wide growth channel from April 2020.
On 2 and 18 August, BTC price touched the upper trendline of this channel. The result is BTC market fall by 20%.
Now about the nature of the price growth after exiting the consolidation.
In theory, after breaking the consolidation, we see a strong impulse. We agree that the beginning of growth looked so confident. But, pay attention to how sellers actively began to slow down the price.
The active BTC price fall next day was on large volumes. Thus, buyers have shown that they are ready to keep the price. Although market purchases are needed to continue the trend. Yesterday we saw that buyers forces have not yet left.
At least the balance of power in the market has changed. At the moment, we cannot confidently state that the growth will continue. The price returned to the fighting zone again.
Critical points. After breaking $12,850, an active BTC fall will begin, which will entail the entire crypto market. Some coins, such as NEO, are already half dead and expect nothing from this life.
To continue to grow, buyers first need to fix at least above $13,600-13,700.
Our subjective opinion is that the market will fall and our target is unchanged - $11,450 for a start. However, now the forces are equal and yesterday buyers proved their right for their trend existence.
We will publish the global idea for BTC when the price exits from the critical point.
We are waiting for the weekly and monthly candles closing!
__________________________
Each "like under the idea" boosts the level of our happiness by 0.05%. If we help you to be calmer and richer - help us to be happier :)
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🔥V-I-P cutt.ly/PwkLhT56
👍Daily bitcoin reviews here💲 cutt.ly/3wnaaG4s
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