BTC is trading around $ 9,150 on the tenth anniversary of Bitcoin Pizza Day. In my last report of the week, I’ll try to figure out where the leading cryptocurrency trend is going in the short, medium, and long term.
Yesterday we published that we are in the short term downtrend (+ 40% | -60%) and in the Conclusions section: “We are in the downtrend … we say goodbye to the $ 10,000 for now. And maybe hello to 9K: I shouldn’t lose it and bounce off. “
See the graphic after 1 day, everything is correct. We should have given a -75% drop and the 9Ks were also lost (USD 8,800 BTCUSD was the minimum), but it recovered and stayed above 9,000 and continues until the time of writing at 14:10 Spanish time.
In addition, we informed about the situation hours ago after the publication of the above article on Twitter yesterday:
And despite the few days of horror we have, we’re celebrating today. Bitcoin Pizza Day: what’s the BTC trend on this special day?
In addition to the “so special” Pizza Bitcoin day, we look at our analysis to see what it tells us and whether we can respond to the rest of the headline …
Analysis of Bitcoin price developments in the short term (1 to 2 days)
We can clearly see how prices have drawn the two lines that marked the short-term downtrend and that are still continuing in such a trend … though with an indication of a change from Bullish.
And now we’re going to try to refine with another indicator of ours …
Our CryptoTrend indicator in INTRADÍA::
We support the downward trend for the next few hours: + 40% | -60% … we left it like yesterday.
According to other indicators, the whale’s cash flow is most likely a wrong trend change, and we can even make a new visit (approach) at $ 9,000.
Analysis of BTC price trends in the medium term
Medium-term trend as bullish but touched. Start painting badly.
Analysis of long-term BTC price trends
It’s been in Bullish for 2 weeks today. But also played … no longer defined how it was until yesterday. Give in to the brown line …
The usual note to note: To cross the brown line above … the trend would be HIGH and the target could be estimated at 10,000 (minimum) BTCUSD.
Conclusion and possible trading strategy
- We are in a downward trend … with a possible FALSE bounce.
- The Medium term is still bullish, but touchedWe have to wait and see whether it is decided to return (to open the lines) or to report a change to Bajista.
- Possible strategy: SELL ON REBOUNDS, if available, and if our broker’s spread allows us: we will get some points …
General scenario / market timing (long-term)
- The medium and long-term trends are questioned. The conquest of the $ 10,000 is postponed for today … and we’ll see when.
- For HOLD investors: Attention, Everything can be shot in the medium / long term by pandemic and its already real consequences for the economy, especially in Spain and Italy and in large parts of Europe. These indicators must be followed carefully …
The author reserves the right to specify which chart and indicator material he uses. Just caution that moving averages are used: although it might not be based on the Bitcoin instrument, although it is used to predict its trend.
I invite you to read my commentary on ‘The Market’ in general (Forex, Stock Market) for today and in the medium term on EuroPost.info. You can also follow the automated (real-time) analysis of cryptocurrencies HERE.
The information in this content should only be used for educational purposes and is in no way intended to promote the purchase / sale of financial instruments.