The Last Positive Technical Bitcoin Analysis That You Will Read This Year
When this article was written, we are already a few days from the end of the year 2021. By then, the cryptocurrency market was drenched in blood, following in the footsteps of unnatural corrections from traditional markets and trying to maintain a hope of short-term recovery.
The truth of the case and, according to some parameters analyzed, we may be under a long-term re-accumulation period. However, many renowned traders have thrown away watching their money go to a red sea and without principles of hope.
For this edition, we want to emphasize, then, the positive and negative points that must be considered before the end of the current elective year. So pay close attention to the following lines of text. This, it can save your uncertain future.
Overbought Period
Alternative opinions have said that the main asset of the market is under a correction period, which although we remember, basically goes from 25% from the last price reached to a range of between 42 and 81% correction.
For now, we, and personally, think of two alternative long-term options.
The first one says that Bitcoin could enter an extended period of lateral accumulation around the area of $ 45,090.39 and $ 69,592.12. The second, prevents a fall towards the expected correction with maximum support towards 22884.14; Exact point where super opportunists would enter.
From the above, we highlight these main ideas: (a) for now the monthly EMA9 is supporting the price amid the selling pressure; (b) $ 45090.39 is being a psychological pullback price, but $ 69592.11 is being a strong resistance to break; © in the event of an attempted breakout of the monthly EMA9, our stops must be set exactly at $ 36394.51, this being a rebound price; and (d) high alarms will only go off if the price reaches our EMA34, which marks the real market trend.
We also add that it is valid to remember that the Bitcoin price is emotionally overbought, and the indicators do not show the opposite of this theory. From this, what we recommend is always to follow the steps of the stochastic RSI and its possible inclination towards the oversold zone.
Geometrically, Bitcoin wants to form a high ascending triangle, but the multiple liquidations of the market are being with which many begin silently to realize their gains.
For now it is all. We wish you happy holidays in advance.
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