Is it the Right Time to Buy Bitcoin? Know-How BTC Price is Gearing Up for a Huge Bull Run!

Free Bitcoins: FreeBitcoin | BonusBitcoin

Coins Kaufen: Bitcoin.deAnycoinDirektCoinbaseCoinMama (mit Kreditkarte)Paxfull

Handelsplätze / Börsen: Bitcoin.de | KuCoinBinanceBitMexBitpandaeToro

Lending / Zinsen erhalten: Celsius NetworkCoinlend (Bot)

Cloud Mining: HashflareGenesis MiningIQ Mining


After swinging with huge uncertainty, Bitcoin prices are showcasing some stability in the prices since the past couple of hours. A significant buying volume appears to have accumulated and hence the prices have flipped from the lower support. An extended upswing may uplift the price beyond the $29,700 levels, but the bears seem to be still dominant and poised about the upcoming move. 

Bitcoin’s extended consolidation has been witnessed a couple of times before. And each time the asset has managed to undergo a huge bullish trend. Despite the bearish predictions hovering around the asset, the probability of the bull run does not vanish. As pointed out by a popular analyst, BTC price undertakes a fakeout, then a fake-breakdown prior to a huge upswing. 

On the other hand, the short-term analysis is extremely bearish as the prices are swinging within a descending parallel channel. The price is currently forming multiple lower highs and lows and being constantly rejected from the resistance levels. And hence it appears that before a significant upswing mentioned above, a hit to the lower levels around $26,600 may be imminent.

As seen in the above chart, the BTC prices are currently testing the middle bands of the channel where-in an equal buying and selling pressure is seen. However, the sellers appear to have dominated the rally and hence, a notable price drop may be expected. However, RSI & MACD both are bearish Therefore, the path towards the lower support just around $26.6k is extremely likely.

Was this writing helpful?

Source link



Post Views:
29



[ad_2]

By continuing to use the site, you agree to the use of cookies. more information

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.

Close