Bitcoin is the world’s most-traded cryptocurrency which represents a massive share of the cryptocurrency market. It was the first cryptocurrency that was introduced to the public and has therefore the most developed infrastructure. It is often considered to be a trendsetter in the cryptocurrency world. Bitcoin essentially created an alternative asset class and can be used in portfolio hedging strategies especially during the turbulent markets. (Source: Trading View)
Assuming that the Monthly Chart represents the long term trend. I would treat the pullback from 68911.54 as a correction and not a change of trend which is bullish since the current price of 48862 is above the 8EMA
Let us now step down to the Weekly Chart:
Assuming that this represents the Medium Term Trend the aggressive bounce from my Weekly Forward Line at 41852.31 is a very bullish sign if we close the week above 50927. In light of this I am still treating this as a normal correction
If we use the Daily Chart to represent Short Term Trend, We can treat the break from 58594 as a bearish signal targeting the Monthly Support 2 at 44163. The $BTC bears would have achieved this target.
Bitcoin’s slump to low of $42,391 on some brokers platform meant that it had tumbled over 25% peak to trough on a 24-hour basis.
The big question is: Will the demand exceed supply at this level to push price above previous high… Only time will tell..
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