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MihaiDaniel
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If #
Bitcoin
closes the week above $67,800, I am very optimistic, we remain in the bullish trend.
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BTC
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MihaiDaniel
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The countdown has started, the American elections can have an immediate impact on the crypto market, in theory if Trump wins we are bullish, if he loses we don't know what will happen. Bitcoin has lost the area of 70,000$, I would say that it is not something serious, but I would not want to lose either 69k or 68k, this being very sensitive. Liquidity is down, many went long after btc crossed 70k
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Why market is red ? It is a normal pullback, also the market is expecting for Us election to have a major reaction! For bitcoin it is just a soft correction but some alts are in pain,don’t lose hope, we are not so far from joy 🤩
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#bitcoin remains bullish as long as it is above $70,000, after a strong rise it is normal for the market to have a setback, rest period, even a long squeeze, 4h bull flag is valid, $76,000 is still achievable
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Is all time high for bitcoin still in play this week? Yes it is ! Is 100.000$ a target for 2024? I would say let’s wait and see if bitcoin can break 80.000$ first !
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What are pullbacks in an uptrend? Simply put, why does the market have corrections while it is on the rise? Imagine a mountain you are climbing. You will not always climb in a straight line. You will have moments where you will stop to rest or even descend a bit before resuming your ascent. In the investing world, these small dips in an overall uptrend are called pullbacks. What is a pullback? A pullback is a temporary drop in the price of an asset (such as a stock, cryptocurrency, or stock index) in a general uptrend. It is like a pause or a small correction before the price resumes its ascent. Why do pullbacks occur? •Profit taking: When the price of an asset rises a lot, some investors decide to sell to secure their profit. This may lead to a temporary drop in price. •Market Sentiment: Negative news, economic uncertainty or other factors can affect investor sentiment and cause them to sell, causing a pullback. •Technical fixes: Sometimes the price of an asset rises too quickly and "overheats". A pullback can be a way for the market to cool off. Why are pullbacks important? •Buying opportunities: Pullbacks can provide opportunities for investors to buy an asset at a lower price than before the dip, with the hope that the price will continue to rise. •Trend Validation: A pullback that is followed by a resumption of the uptrend can confirm that the trend is still intact. •Identifying Support Levels: By observing the levels at which price stops during a pullback, investors can identify potential support levels for the future. How to spot a pullback? •Graphical analysis: Look at the price chart of an asset. A pullback will look like a small dip in a general uptrend. •Technical indicators: There are a lot of technical indicators that can be used to identify potential pullbacks, such as trend lines, moving averages or oscillators. Important: Identifying and exploiting pullbacks requires knowledge and experience in technical analysis. There is no guarantee that a pullback will be followed by a resumption of the uptrend.
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