Bitcoin is fighting for $ 8,800, but in fact it needs to take a level of $ 10,200. This price will set a new local maximum and thereby confirm the reversal of the cryptocurrency market.
In this article, we have collected the forecasts of traders, among them Tone Vays, Sunny Decree, Crypto Zombie and MMCrypto. Which of them believes in the further growth of BTC, what are the key levels of resistance and support, and what does 200 MMA have to do with it. And also what a dirty trick from the market should be feared.
Let's start with the main bitcoin bear in our personal rating of Ton Weiss. He is almost ready to change his shoes into a bull, but he has as many as three options for how to do this. The first is successful breaking through and fixing above the two-day moving average. If the market does not go down from there, then Tone Weiss will be almost ready to believe in a reversal, and in the short term it is set for growth.
Ton’s two other scenarios are worse than the first. Or the price should form a strong accumulation in the region of $ 7,000, which will last from six to nine months and then begin to grow. And the most negative scenario is that the market still has to go deep down, though the tone cannot be determined in any way - it will be $ 2,800 or $ 5,000.
Wow the difference, but this is his forecast, I just shared it and go to the next guest for today.
Chris shows that while everyone is waiting for a breakthrough above the 200-day moving average, it has already taken place on the futures chart on the CME. Chris believes that now that we have the so-called higher bottom, we recall that on December 18, 2019, the price dropped to $ 6,500, and on January 3, 2020, on its birthday, Bitcoin made a call at $ 6,900, from where the growth began.
And we also note that in Chris's understanding there has been no bear market since the summer of 2019. He considers the current situation in such a way that the bull market began after December 2018 with an accumulation above $ 3,200, in the summer of 2019 we set the current local maximum, and since then there has been a very long correction, which Bitcoin is now trying to break and return to growth.
The next one is Sunny Decree and we’ll deal with it quickly, not because it’s worse or better than the rest, but simply so as not to be repeated. He is also bullish, but warns that the exit from the downward channel may turn out to be fake, and the market will soon roll down, because the resistance is at the 200-day moving average.
So, this resistance can turn out to be very strong, and after it you still need to set a new local maximum above $ 10,000. Here Sunny Decree supports our previous guest and he asks everyone to be careful, because the market is unpredictable, and advises taking into account the maximum information. That is, do not draw conclusions based on one specific indicator and consider various scenarios of further market movement.
And to close our review will be Crypto Zombie, which also has something to add. From the already familiar, he also believes in the importance of getting above the 200-day moving average on CME futures and believes that now the spot market can try to compete for this level.
Of the unusual, Crypto Zombie notes a breakdown of the resistance of the 21-week moving average, which is a good indicator of the bull market.
Then this line will become support, but you should not rejoice ahead of time, because the breakdown may be false and it can be concluded that it took place after at least one more week has passed after the current one.
As for the bearish scenario, Crypto Zombie is considering the option when the upper limit of the downward channel, from which Bitcoin is trying to finally break out right now, will become support for it. Thus, there may not be continued growth, and instead, the chart will draw another high bottom.
What is the forecast for bitcoin?
Sometimes they write to us, well, what kind of forecast is it, where is the specifics? Gentlemen, we are not a site with signals and do not sell any subscriptions to groups with signals. None of our materials is a financial recommendation, because each decision related to the purchase or sale of any asset, not just Bitcoin, should be made by everyone. And our mission is to help you with this, providing the maximum of useful information for analysis.
Do you know what has not been on the Bitcoin chart for a long time? Bart Simpson didn’t come to visit us for a long time, that is, we did not see an explicit manipulative pattern called Bart’s head, when the price goes up sharply and after some time also quickly falls down, or vice versa, but this does not change the essence of the matter.
Personally, we do not believe that whales and exchanges have forgotten how to manipulate the market or their conscience tortured them and they decided not to cut easy money on traders and emotional investors anymore. In general, we would very much like to believe that the market is only going to go up, but we don’t like something in everything that happens - it’s painfully good to go. Whether these suspicions are justified or not, we will soon find out.