So far this month the Bitcoin Price has moved in a range between 6.5k to 7.4k. At the moment it does not break anywhere. Here is my daily analysis to try to understand where the BTC is heading.
Yesterday according to what was published in the previous article. A little more optimism in the prices than our prediction, but we kept the Bullish for Intraday.
What just appeared was the drop near the close of Wall Street that we also announced. See the little black sign below (and vertical line) that indicates it, it was too tight.
And the loss of the 7Ks did not occur, nor has it occurred yet, and we will see if it does, because it came to recover them yesterday, much less the visit to the 6,500 that we expected to appear during this early morning and today: that is what we indicated at the end of our previous report. And continues to headline that uncertainty our headline: The indecision of the Bitcoin Price: Consolidate the $ 7,000 or seek the $ 6,500
We are in lateral-lurch, inclined to bullish until a few hours ago, and at these moments, 1pm. Spanish to write this article, very excited about the price of Bitcoin.
Let’s go with the analysis, let’s see what it suggests …
Bitcoin price analysis in the short term (1 to 2 days)
Still in an upward trend since yesterday, which, said lines with the brown above, sponsored the rise that we had detected and announced … although it was opening more and more there was in Bitcoin, more than we could wait and warn for our part at the time of publication.
Now it is narrowing and threatening bearish turn (brown line cut below) and we could lose the longed for $ 7,000 of BTCUSD. But that intention can also be false and remain true, if the lines open again, the current upward trend. We will see.
Our CryptoTrend Indicator in INTRADÍA:
Supports the Bullish possibility, although slight, for the next few hours: +55% | –Four. Five% … Sales are not ruled out near the closing of Wall Street. Same as yesterday.
Bitcoin price analysis in the medium term
It went bullish losing the downtrend that held only two days. Very undecided everything: for example, today we have a meeting in Europe to breathe, probably if there is an agreement, a large amount of money to alleviate the economic consequences of the confinement of the population, especially in Europe, motivated by the damn virus.
Indecision. On hold. Volatility assured after the meeting.
Analysis of Bitcoin’s Long-Term Trend
The Downtrend has been maintained since the beginning of last month for the Long Term (both lines are open, with the brown line below). Hardly unchanged today.
Of crossing, by chance, 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
- Transition uptrend yesterday and for today we said more than waiting time (due to exhaustion and the threat of a change in trend or, more precisely) to the end of the meeting of the European leaders.
- The Medium Term changed to Bullish, and the same as the previous paragraph. Anything can happen.
- Both for Intraday and for the Medium and Long Term: open Shorts on each raise, if there were any due to volatility, and do not rush the profits … As long as there are these, if our Broker’s Spread allows it.
General Scenario / Market Timing (Long Term)
We will remain fully cautious for long-term investments based on HOLD (buy and wait).
Depending on the agreement or non-agreement of the measures proposed in today’s meeting in Europe, we will have the respect of the 7K and more increases, or the loss of these and we could have a sharp drop on the way to 6,800 or more … 6,500?
We are sorry that we do not have the magic wand that clears us of all the indecision we are in, and we have no choice but to stay pending of an important meeting to see if there is more money put, approved today, on the grill or … There will be disagreement and , therefore, ZAS in the prices. EXTREMELY CAREFUL.
Do not miss another report tomorrow to find out if the indecision of the Bitcoin Price begins to clarify.
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 is not intended under any circumstances to encourage the purchase / sale of financial instruments.