Is Bitcoin going to the bottom or will we see more above $25,000
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The market does not want to give in to technical analysis lately, various FUD news and exchange scams cause strong movements in the market that are difficult to predict...
Well, I still want to conduct a small analysis from the global side.
I have already shared this formation before and this wedge worked very cool, and the situation is repeating itself now
which was in the month of February on the 13th - a test of the wedge on the reverse side, while bitcoin flew from $21,500 to $25,300 technically it looked logical to see such a takeaway.
At the moment, from the technical side, everything looks exactly the same, bitcoin tested the wedge from the reverse side and the price at the moment reached the support level of $19,600 and after that we saw a rebound above $20,000. The question is, will the weekly candle close above $20,000 or will we go back to test the $19,200-19,500 support level? Write your opinion in the comments.
We are waiting for the opening of a new week, I think it will be interesting to observe some results:
Monday March 13th - Emergency Fed meeting (possible to resolve the issue with the incident of the latest events of the SVB bank)
Tuesday March 14 test fork of ETH - there will also be volatility in the crypto market.
From the fundamental side:
In short, the situation is very tense now, the Exchanges are stumbling, banks are collapsing, Tether is losing its peg to the dollar and this causes a strong panic in the cryptocurrency and stock markets, plus the Fed is adding fuel to the fire, in general, we live "fun" guys ...
That is why I said that when bitcoin reached the mark above $25,000, that it was necessary to fix a larger percentage of profit who gained positionally earlier, well, everyone as one spoke about $30,000 and even higher and believed in the future To the Moon, as if they lived one day, and what tomorrow was not interested ... "Tomorrow" has come and what do we see now? Most are fleeing the market again fixing losses due to recent events in the economy, it's sad to say...
The market does not want to give in to technical analysis lately, various FUD news and exchange scams cause strong movements in the market that are difficult to predict...
Well, I still want to conduct a small analysis from the global side.
I have already shared this formation before and this wedge worked very cool, and the situation is repeating itself now
which was in the month of February on the 13th - a test of the wedge on the reverse side, while bitcoin flew from $21,500 to $25,300 technically it looked logical to see such a takeaway.
At the moment, from the technical side, everything looks exactly the same, bitcoin tested the wedge from the reverse side and the price at the moment reached the support level of $19,600 and after that we saw a rebound above $20,000. The question is, will the weekly candle close above $20,000 or will we go back to test the $19,200-19,500 support level? Write your opinion in the comments.
We are waiting for the opening of a new week, I think it will be interesting to observe some results:
Monday March 13th - Emergency Fed meeting (possible to resolve the issue with the incident of the latest events of the SVB bank)
Tuesday March 14 test fork of ETH - there will also be volatility in the crypto market.
From the fundamental side:
In short, the situation is very tense now, the Exchanges are stumbling, banks are collapsing, Tether is losing its peg to the dollar and this causes a strong panic in the cryptocurrency and stock markets, plus the Fed is adding fuel to the fire, in general, we live "fun" guys ...
That is why I said that when bitcoin reached the mark above $25,000, that it was necessary to fix a larger percentage of profit who gained positionally earlier, well, everyone as one spoke about $30,000 and even higher and believed in the future To the Moon, as if they lived one day, and what tomorrow was not interested ... "Tomorrow" has come and what do we see now? Most are fleeing the market again fixing losses due to recent events in the economy, it's sad to say...
