LIVEHey, guys,
this is the weekly Bitcoin update.
At the beginning of last week we traded around 68k and we talked to you that the market sentiment is bearish and we are likely to see several waves of decline with targets of 63k and 60k, this scenario has been worked out and targets have been reached, the price has not reached 60k literally 1%. After that I expected the market to consolidate and we will see the continuation of the uptrend, which happened, even faster than I expected.
At the moment technically a head and shoulders pattern has been formed, and the targets are around 75k, but I will not be surprised if the price takes 79k, it can be with pullbacks and corrections, but the fact that the instrument has a strong bullish momentum is obvious, and trading should be done from buying. This scenario can be canceled by a break of the support at 60-63k, below which the price should not go to continue the growth.
Events this week that may affect the volatility of the markets.
March 28 - GDP Q4
March 29 - Core Personal Consumption Index
Stay tuned.
LIVEHey guys.
This is a weekly update on Bitcoin.
At the beginning of last week we were trading around 72 K, and we talked to you that we are somewhere close to the end of the cycle of growth (local), but the possible price throws up 3-5%, which happened the price rose at the moment almost to 74 K. Also I said that there are events that are likely to have an impact on the cryptocurrency market, on the publication of inflation data markets began to correct, and by the end of the week the decline intensified, by the way the volume of derivatives expirations that the stock market experienced last week amounted to 5 trillion.
Inside the day I tried to buy, but the price did not reach the take profit, so I closed the trade on the stop and fixed about 8% loss.
At the moment technically we have a local downtrend, and based on this logic I will build trading this week, most likely we will see several more waves of price decline, and test the support in the zones of 63 and 60 thousand, after which we can expect consolidation and continuation of the uptrend, cancel this scenario fixing the price above 70 thousand.
Stay tuned.