BTC is trading around $ 9,150 on the tenth anniversary of Bitcoin Pizza Day. In my last report of the week I will try to elucidate where the trend of the leading cryptocurrency is going in the short, medium and long term.
Yesterday we published that we were in the Short-term Downtrend (+ 40% | -60%) and also, in the Conclusions section, that: “We are in the Downtrend… we say goodbye to the $ 10,000 for now. And maybe hello to 9K: I shouldn’t lose them and bounce. “
See the graph at 1 Day, all correct. Although we should have given a -75% Drop and, in addition, the 9K were lost ($ 8,800 BTCUSD was the minimum) but it did bounce and remained above 9,000 and still continues until the time of writing this article at 14:10 Spanish time.
Also, hours after publishing the aforementioned article yesterday, we gave notice on Twitter about the situation:
And despite the couple of days of fright that we have, today we are celebrating. Bitcoin Pizza Day: What is the trend of BTC on this special day?
In addition to the “so special” Pizza Bitcoin day, let’s see our analysis to see what it tells us and if we can respond to the rest of the headline …
Analysis of the Bitcoin price trend in the short term (1 to 2 days)
We clearly see how the prices dragged the two lines that marked Short-Term Downside and that still continue in such a Trend … although with a hint of a change to Bullish.
And now we are going to try to refine with another indicator of ours …
Our CryptoTrend Indicator in INTRADÍA:
We support the downtrend for the next few hours: + 40% | -60% … We left it like yesterday.
By other indicators, that of the flow of money of the Whales, which is very likely to be a false change in trend and we can even make a new visit (approach) to $ 9,000.
Analysis of the BTC price trend in the medium term
Medium Term Trend as Bullish but touched. Start painting badly.
Analysis of long-term BTC price trend
Today has been in Bullish for 2 weeks. But also played … no longer defined, as before it remained until yesterday. Give way the brown line …
The usual notice to keep in mind: To cross the brown line above … the trend would become HIGH, and the target could be estimated towards the 10,000 (minimum) of BTCUSD.
Conclusion and Possible Trading Strategy
- We are in a Downtrend … with a possible FALSE bounce.
- The Medium Term is still Bullish but TOUCHED, we will have to wait to see if it is decided to return (to open the lines) or to indicate a change to Bajista.
- Possible strategy: SELL on REBOUNDS if any and if our broker’s Spread allows us: we will get some points …
General Scenario / Market Timing (Long Term)
- The medium and long term trends are questioned. The conquest of the $ 10,000 is postponed for today… and we will see for when.
- For HOLD investors: Caution, everything can be rotated in the Medium / Long Term by Pandemic and its already real consequences on the economy, especially in Spain and Italy and much of Europe. These indicators will have to be closely followed …
The author reserves the right to reveal what chart and indicator material he uses. Just warn that Moving Averages are used: although it could not be based on the Bitcoin instrument, although it does serve to predict its trend.
I invite you to read my comment on ‘The Market’ in general (Forex, Stock Market) for today and in the medium term on EuroPost.info. You can also follow automated (Real Time) analysis of cryptocurrencies HERE.
The information in this content should be taken for educational purposes only, and in no way is it intended to encourage the purchase / sale of financial instruments.