BITCOIN IS GETTING READY TO PUMP AGAIN!!!!!?????? BTC Analysis
Table of Contents
Bitcoin is Getting Ready to Pump: Foundational Support and Oscillating Price Corridor
Recently, Bitcoin has exhibited robust vigor, hinting at a potential surge towards exhilarating heights. The anticipation of an ascent to the echelon of $38,000 is palpable, a scenario we shall soon delve into. However, prior to embarking on that analysis, it’s imperative to acknowledge the foundational support underpinning Bitcoin. Retreating momentarily to observe our current locus, Bitcoin is unmistakably oscillating within a lateral price corridor. This corridor, delineating its zenith at approximately $34.8K and nadir around $33.5K, has been the domain of Bitcoin’s price activity for nearly a week.
Bitcoin’s Potential Ascent – A Significant Resistance Zone Breached
An intriguing development within this temporal framework, particularly on the weekly scale, merits attention. A formidable bullish candle has emerged, a harbinger of potential ascension. This is not mere hyperbole; the green box, a significant resistance zone, has been decisively breached by Bitcoin, culminating in a weekly candle closure above it. Such long-term market indicators suggest an upward trajectory, potentially even nudging towards the $60K mark.
Reviving Bitcoin: A Comparative Analysis of the 2019 and Historical Market Behavior.
Reflecting upon Bitcoin’s historical journey, parallels can be drawn with the 2019 market behavior. A similar rupture of the $6,000 barrier back then led to an impressive rally, although it ultimately manifested as a deceptive spike. Presently, Bitcoin’s ascent appears more robust, having endured the crucible of a prolonged consolidation period. The journey from the abyssal lows to the current breakout spans almost a year โ a testament to the resilience and gradual strengthening of Bitcoin’s market position.
The current landscape, however, is not devoid of cautionary tales. The possibility of a similar pattern unfolding, akin to the 2019 scenario, looms. It is prudent to remain vigilant and consider that despite the apparent bullish indicators, the market could still veer towards unpredictability.
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As we refocus on Bitcoin’s trajectory, it’s evident that support structures are solidly in place, tilting the scales towards an optimistic outlook. The 1-hour timeframe offers clarity on Bitcoin’s movement within this range, displaying a propensity to linger towards the higher end of the spectrum.
Robust Support for Bitcoin: An Analysis of the 4-Hour Timeframe, EMA Ribbon and RSI Context.
Support mechanisms, especially on the 4-hour timeframe, although distant, are robust, offering a safety net for Bitcoin’s price. The daily EMA ribbon, though trailing, lends additional credence to the supportive backdrop. An intriguing aspect to consider is the RSI’s current state. Contrary to popular belief, a high RSI often signals continued strength rather than impending decline. Historical analysis of Bitcoin’s performance in similar RSI contexts reveals a tendency for sustained upward momentum.
In the event of a downturn, the existing support levels, both in terms of price and technical indicators, provide a substantial buffer. Nevertheless, the overarching sentiment is one of cautious optimism, underscored by the ongoing bullish trend within a broader bear market context.
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Examining the S&P 500โs Rebound: the Key to Market Sentiment?
Turning our gaze to the broader market, particularly the S&P 500, its recovery dynamics will play a pivotal role in shaping market sentiment. A potential downturn in the S&P 500 could have far-reaching implications, possibly ushering in a prolonged bearish phase. Conversely, a resilient recovery could signify robustness in the financial markets, boding well for assets like Bitcoin.
Conclusion
As we conclude this analysis, it is imperative to remain astute and adaptive to the market’s ebullient nature. The opportunities for astute traders are abundant, provided one navigates with insight and prudence. Remember, the realm of cryptocurrency trading is not just an intellectual endeavor but a pursuit of tangible financial gains.
Am new to this, please what is the best and easiest way to trade cryptocurrencies as a beginner so as to minimize losses?
Everyone is way too bullish. I think max pain would definitely be to send price to 28k and to liquidate all the bulls. Not to push to 38 ๐ for the bears.
Agree with you Sami. We have not started the bull run yet – not enough volume! However, there is definitely some room for another pump to the upside, but I think there are real concerns that we might have another big dump before the halving. Be greedy when others are fearful and fearful when others are greedy
When are you going to do another video on PEPE ?
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We could come back down i just dont know ๐
Crazy Bull
in March I drew a chart where we will have an Alt-season beginning after October. We are seeing the beginning of it right now and I personally think it will happen fast. Do not sit on the sidelines and buy some pepe!!
Not making up to a million before retirement is unfulfilled retirement.!! Iโm 54 and my wife 50 we are both retired with over $7 million in net worth and no debts. Currently living smart and frugal with our money. No longer putting blames on FED for our misfortunes. Saving and investing lifestyle in the stock and forex market made it possible for us this early, even till now we earn weekly.
Sami Loyal love your show! Thank you!
Drop to 28650k at least :))
@forflies – what is your referral code for BingX. Signing up on my phone and want to make sure you get the $$. Been watching you since 2017, keep up the good work.
It seems that you know how to do trade
Awesome. Thanks buddy๐
I wonder whatโs gonna grow more in the next two years Bitcoin or this channel