Last night we saw another short dip in bitcoin up to $6200. we cant predict future but today i share some technical analysis which we give indication whether market bull or bear in next 15 days.
Firstly look at bitcoin chart
see that how the volatility is getting lower and lower with every weekly candle, and we're so close to finally break this formation, and probability of a breakout is much higher than a breakdown, which just happened last time when we hitted the 5750 level.
As you can see in the picture above, we took a very sudden and unexpected (to some) tumble in price all throughout the day yesterday. Well, on a basic level, we know that the price either had to break the resistance at $6.8k or get thrown back. In the chart above, that white line represents that resistance point. As you can see below, we failed to break that mark three consecutive times.
Next Supports & Breakout points :
Now, this does not mean that we will never break $6800 or that it is out of the question. It certainly is a possibility, but the price action from here is going to determine that.
Bitcoin price on the daily has fallen below the EMA-12 & 26, which isn’t necessarily good news for the bulls.
Conclusion :
Bears are heavy on Bulls.
We must close above $7000 level to break the formation which will give us a complete confirmation for a next rally.
If bitcoin breaks $6200 next possible targets can be 6150$, 5850$ and in rare cases 5440$!
I think due to last night dump bitcoin, bull rally extend up to 30 - 40 days. because chart patterns said correction is not over for bitcoin. it may corrected up to $5000 - $5200.
Good thing is that noobs & fomos have almost left the Crypto space only few which are strong holders remained, and markets runs only on this noobs and fomos, they're the fuel of this cycle, and to bring them back there has to be a next rally with huge amount of money. So let's wait some more to watch.
Source of News : https://bittrex.com/Market/Index?MarketName=USDT-BTC
https://www.bitfinex.com/trading
Thank you
