Hello, dear subscribers!
Today's Bitcoin price pump caused a lot of questions if the bull-run continue or this is just a manipulation for the liquidity increase to sell more Bitcoins.
We now hear a lot of positive fundamentals such as Amazon is going to receive Bitcoins and the Tesla and SpaceX are still holding it. This is very Bullish for Bitcoin price, but we need to be careful with the possible manipulations with this news.
Global Analysis
If we take a look at the last impulsive move Fibonacci levels, we can see that the price bounced exactly from 0.61 Fib level ($31300) on the weekly timeframe. It means that global bullish structure still was not broken and we can see the ATH till this year end. But it is too risky now to buy Bitcoin for the long-term investments. According to this chart the next possible long-term buy level is $22000 (0.78 Fib).
Mid-term Analysis
The market structure on the daily timeframe is not so positive for the Bitcoin. If we take a look at Fibonacci for this drop, the price is still below 0.78 Fib ($39000), but, I believe that is able to break through it. But $43000 level is a very strong resistance because of Trendlines 1 and 3 and 0.61 Fib level. Here I will execute the new short trade with the stop-loss above 0.5 Fib ($46000). If the price is able to break this level the bull run have a great probability to continue.
DISCLAMER: Information is provided only for educational purposes. Do your own study before taking any actions or decisions at the real market.
Today's Bitcoin price pump caused a lot of questions if the bull-run continue or this is just a manipulation for the liquidity increase to sell more Bitcoins.
We now hear a lot of positive fundamentals such as Amazon is going to receive Bitcoins and the Tesla and SpaceX are still holding it. This is very Bullish for Bitcoin price, but we need to be careful with the possible manipulations with this news.
Global Analysis
If we take a look at the last impulsive move Fibonacci levels, we can see that the price bounced exactly from 0.61 Fib level ($31300) on the weekly timeframe. It means that global bullish structure still was not broken and we can see the ATH till this year end. But it is too risky now to buy Bitcoin for the long-term investments. According to this chart the next possible long-term buy level is $22000 (0.78 Fib).
Mid-term Analysis
The market structure on the daily timeframe is not so positive for the Bitcoin. If we take a look at Fibonacci for this drop, the price is still below 0.78 Fib ($39000), but, I believe that is able to break through it. But $43000 level is a very strong resistance because of Trendlines 1 and 3 and 0.61 Fib level. Here I will execute the new short trade with the stop-loss above 0.5 Fib ($46000). If the price is able to break this level the bull run have a great probability to continue.
DISCLAMER: Information is provided only for educational purposes. Do your own study before taking any actions or decisions at the real market.
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Short-term Analysis
If we take a look at the 4h timeframe we can notice that the price rapidly broke the Supply Zone 1 and now is goin to reach the Supply Zone 2. We can consider local short trades from this zone. If you are looking for the long opportunity, the Demand Zone 1 is a nice entry point, but the broken Supply Zone 1 is too close, so you can set the buy limit a little above the Demand Zone 1, approximately at $36000.
If we take a look at the 4h timeframe we can notice that the price rapidly broke the Supply Zone 1 and now is goin to reach the Supply Zone 2. We can consider local short trades from this zone. If you are looking for the long opportunity, the Demand Zone 1 is a nice entry point, but the broken Supply Zone 1 is too close, so you can set the buy limit a little above the Demand Zone 1, approximately at $36000.
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