In the past few hours, the price of BTC has been in a narrow range between $ 8,700 and $ 9,000. Will Bitcoin be able to maintain this trend in the short term?
We didn’t release yesterday, we left everything in the hands of great coverage of CryptoTrend Companions’ Halving Bitcoin.
On Monday, the day of the halving, the report appeared at 3 p.m. Spanish; After plus and minus, we have indicated in the 5-day chart. In which we warned for the intraday: “Bullish Possibility for the next few hours: + 75% | -25% … AT LEAST SOME HOURS!” And as it is, you see the green circle (remember that it is is a 5D chart and it seems to be fewer hours, but it was about 3 hours). Although +65 or + 70% would have been more consistent.
And so we reflected everything that was said in the previous report in what happened hours later, such as the last conclusion we drew: “Boldly say that potential purchases can come in just before Halving later Drops and hours later, in insatiable volatility, for all sides. When the storm is over, calm will come … Synonymous with a possible (bullish) recovery in the Bitcoin price “.
Except for the insatiable volatility, everything happened: sales shortly before halving and since it was already in the process of recovering … Until today, because we also said in the “Long-term” section: “… happiness can be seen”.
And this is the luck we have (uploaded) until we wrote this article at 1:45 p.m. Spanish. Although not very wonderful by not recovering where prices fell on May 10 (9,770).
And now: what is the short, medium and long-term trend of Bitcoin?
If we asked the question, we’ll probably look at the answer in our next analysis …
Analysis of short-term Bitcoin price developments
As can be seen in the graphic directly on the halving, the trend has recently changed to bullish.
And it was a bullish lateral that turns more sideways than anything over the hours … and that’s us, as we can see in the BTCUSD 5-day table shown at the beginning of the report.
Our CryptoTrend indicator in INTRADÍA::
Bullish possibility for the next few hours: + 65% | -35% … It’s almost the same as it was yesterday afternoon, a little more bullish. We do not rule out declines near Wall Street.
Analysis of BTC price trends in the medium term
Be careful with it. Regular, ugly. We are still in an upward trend in the medium term, but are we turning to a downward trend?
Analysis of long-term BTC price trends
Crossed on Bullish on Friday and held out. We can still see some happiness … buyers.
The warning you should always be aware of: crossing 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 (still) on a bullish trend today … or rather lateral bullish. Volatility is expected.
- Medium term is still bullish, but with an ugly drawing. Do you tend to change trends? We haven’t asked since the Monday we posted.
- Possible strategy: If there are large uploads, enter the SALES. And if our broker’s spread allows us to scratch a few points in intraday and / or swing trading.
General scenario / market timing (long-term)
We almost repeated Monday’s paragraph: as soon as the long-term trend towards ALCISTA has changed, we are at the expense of logically and obviously not changing … to know what will happen to Bitcoin’s price in the near future becomes.
Everything very indecisive. There are those who have not accepted Bitcoin’s correlation with exchanges since February this year. more if we take into account the decorrelation since halving, but in this scenario of the global pandemic, it affects (for months) Bitcoin and will affect Bitcoin: So we should wait for statements from politicians (Senator like yesterday) from the US who Question your country’s de-escalation) and all ongoing de-escalations, especially in Europe.
A return to narrowness is tantamount to further deterioration in the economy or its expectations for the future, sowing uncertainty about when this economic paralysis and others will end … Without forgetting the debt that each country is submitting to, or, worse, directly the entire European Union.
Watch out. This look at luck, maybe it’s limited or likely that it just stays there: one look and there is little luck in the medium / long term for Bitcoin … As with everything else.
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.