How far can the price of Bitcoin go? It is the question we ask ourselves daily. For now, it manages to consolidate above the key barrier of US $ 7,000. Will you be able to keep this value? Here is my analysis.
We published yesterday, according to the little black sign below, about 14:10 Spanish time. Although the analysis was written about 1 hour earlier. Totally the Bullish that we said for the Short Term (Intraday) was correct … As you can easily see in the graph.
It is true that we only gave it a +55 bullish, we were cautious.
Are we flying or landing? Rather landed: above $ 7,000 and the price of Bitcoin is away from the daily maximum … Not much.
The worst thing is that we were terrified. But no. We are expectant. In the end yesterday’s meeting in Europe was unsuccessful, an agreement without an agreement: everyone agreed to do something but no agreement on what. And the price of Bitcoin went up suddenly prematurely, apparently.
Today, we are looking at the landscape for hours until now, writing this article at 1:20 p.m. Spanish. And we look at the landscape through a long side and with sales threats.
Let’s also look at our analysis to see what it tells us …
Bitcoin price analysis in the short term (1 to 2 days)
Still bullish for two days. But with some braking, as both lines become parallel … Or so it tends. The brown on top, still = full-fledged bullish trend … although with some exhaustion.
Our CryptoTrend Indicator in INTRADÍA
Support the Bullish possibility, albeit even milder, for the next few hours: +52% | –48% … Sales are not ruled out near the closing of Wall Street. Just like yesterday, which was not fulfilled … We will see if today it happens. We have also lowered the Bullish percentage. Yes, we could expect a turnaround … Even before the Wall Street Closure. Be very cautious.
Analysis of the price of BTC in the medium term
Third day Bullish for the Medium Term. The lines are not bad, they show some strength for this trend.
Does this confuse us with what is stated above? Not so much and it is what we have, we do not want to contradict ourselves … Nor to say one thing and another at the same time so as not to fail: it may have its logic = specific drops in the Intraday and little else, probably.
Long-term BTC price analysis
The Downtrend has been maintained since the beginning of last month for the Long Term (both lines are open, with the brown line below). But a certain parallelism is noted, it could be leaning towards a possible change in trend or downward relaxation as previously exposed in the Medium Term.
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
- Bullish trend still. In our opinion, with many symptoms of exhaustion.
- The Medium Term continues in Bullish, and to have descended today: perhaps it cannot with losing the $ 7,000 $… And possible rebound tomorrow? Or will the Medium Term also be narrowed? The latter is more difficult to 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)
- Caution for long-term investments based on HOLD (buy and wait)
Finally, what do you think: Is the price of Bitcoin away from the daily maximum of US $ 7,650, or is it just a correction?
Do not miss next Monday my report with more short, medium and long-term analysis on the price of Bitcoin.
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.