Bitcoin price has updated the maximum of 2020, having risen above $ 16,400. The main question that worries all cryptocurrency owners: will BTC continue its bullish trend or is it time for a correction?
Crypto Zombie is the first to enter To The Moon chronicles today:
He shows how Bitcoin breaks the triangle up and goes to a new level. A new record was also set for bitcoin when its price was above $ 15,000 for 72 hours.
According to the trader, Bitcoin needs to close the week above $ 16,200. And if the correction does begin, BTC/USD rate will move to the upper border of the ascending channel, where it will receive the first support at $ 14,000.
But he also notes that Bitcoin futures are ahead of the market and are trading at a premium.
The main resistance on this chart is at $ 16,595, with very little left. If we pass this level, then Crypto Zombie expects the beginning of a parabolic growth and the price can rise by one thousand, two, and even three thousand dollars in just one day.
The trader is confident in the continuation of the pump because this time the course shows organic growth when minimums are constantly increasing. And he also shows another study according to which whales buy Bitcoins at every opportunity during short-term dumps.
Crypto Zombie expects Bitcoin to continue to grow incredibly but warns that a correction is possible. And we may very well test the support at $ 14,600 again. So don’t panic or vice versa, don’t miss the opportunity.
In a previous article Tone Vays noted that the chart looks bullish, but personally he was going to fix the position, because we have already reached the maximum. Let’s find out what has changed over the past week?
Tone begins completely indefinitely. On the one hand, he sees the possibility of continued growth towards $ 20,000, but does not expect the Bitcoin price maximum to be updated in the near future. If the rate goes so high, it is likely to stop somewhere at $ 18,000. At the same time, he insists that the most likely scenario is a correction from the current levels towards $ 12,000.
Moreover, if BTC price continues to grow rapidly right now and tries to reach $ 18,000 or even $ 19,000, an even stronger pullback awaits us. The lower limit of a possible correction is at $ 10,000.
At the same time, Tone says that he still looks at the chart in a bullish way. He regrets that he left the market at $ 15,300, but then when he saw the formation of a triangle, he bought some of the bitcoins back at $ 15,600 and was able to make money on growth above $ 16,000. Interestingly, on the four-hour chart, the trader notes the chances of continued growth, but he believes that the market will give him a chance to buy back his remaining bitcoins at $ 15,300.
There is not great news for altcoin investors. Tone notes an increase in the share of bitcoin in the market to 65% and believes that it will further increase to 69%. This means that there can be two scenarios. Or money will only go into bitcoin and altcoins will remain in place, practically showing no growth. The another way is that Bitcoin will correct and this movement will simply destroy altcoin prices.
On the occasion of the growth of Bitcoin, Chris MMCrypto spoke about the fact that the symmetrical triangle was expected to be broken upwards:
At the same time, Chris warns that it is extremely dangerous to enter a trade right now, because there may be a short-term fall on literally a minute or five-minute chart, which will liquidate your position.
But on the whole, the trader continues to maintain bullish sentiments in the market and shows, by the way, our first guest, Crypto Zombie, said that Bitcoin is forming rising lows.
Moreover, Bitcoin also demonstrates ever-increasing highs on the chart. That is, we are in an ideal upward trend.
Chris warns that there will be no breakout of $ 20,000 right now. According to his analysis, Bitcoin is already growing almost vertically and the pump could last up to about $ 17,400.
And from there a correction will already come, it will be necessary to draw a new minimum. It is difficult to say what it will be, but movement towards $ 14,000 and even lower is most likely after Bitcoin makes another strong upward push
When the moon boy Chris talks about correction, it really sounds alarming.
Tyler invited everyone to study Bitcoin chart and look for periods in his history in the form of six green weekly candles in a row:
He found only a few of these, and the longest pump lasted exactly eight weeks, after which bitcoin went into correction. According to the trader, the current growth should have a similar continuation and now it is worth looking at where the 21-week moving average passes. Tyler shows that after the growth, bitcoin always returns to this line and at the moment it is at the level of $ 11,500. He is sure that we should test this line before the end of 2020.
When asked when there will be a good opportunity to buy bitcoin, Tyler replies that it is necessary to wait for a rollback precisely to the 21-week moving average.
For example, the current growth will continue, we will see $ 17,000 for one Bitcoin and from this point there will be a correction of about $ 12,500, where in this case the 21-week one will be.
Tyler is probably the most bearish of our guests today. According to his analysis, the target of $ 17,000 is possible, provided that the growth continues right now, or we make a short correction of $ 15,500 and from there up again.
If the rate goes below $ 15,500, then the next support is at $ 15,000. If it does not resist, therefore, the rollback has already begun and you will need to make sure that the 21-week moving average is not broken down.