Disclaimer: This article is not intended as an investment advice and published for educational purposes only. BTC markets are highly volatile and risky in nature. DYOR before making any investment decision rather than listening to a stranger over the Internet.
Bitcoin is consolidating and following the order blocks and support/resistance lines discussed in the previous analysis on 11 Jul 2019. This consolidation could extend for some more time until the market makes a decisive move. The macro view is bullish and all major time-frames such as monthly, weekly and 3D are pointing towards a gradual ascend in price during the coming months. The moving averages have turned to the upside on all time-frames and printing bullish crossovers across the board. However, daily and 4 Hours are showing some weakness and further downsides in price could follow in the short term. The volume is drying up showing indecision in the short term.
There are some twitter accounts calling for new lows in 2019 but that is not a possibility at this stage. The current decline and price action is a normal behavior of any financial market. BTC printed a parabolic 400% return in the first half of 2019 and now retracing like any other asset class. It is gearing up for further moves. Most of the retail people are not noticing it yet.
Weekly
On the weekly, 21 MA has crossed over 100 MA to the upside. The updated weekly chart of support and resistance are as follows:
The interim resistance is $10,150. Other significant levels of selling pressure are $10,700 and $11,600.
The first line of support is $9,000 followed by $8,500. The order block spanning $7,600-7,200 is another strong buyers’ area.
3-Days
The most significant MA crossover is happening on the 3D time-frame. The 50 MA is close to cross 200 MA on the upside. It is also known as the Golden Cross and is noteworthy on all time-frames. The inverse is true for the downsides when 50MA dips below 200MA a.k.a. the Death Cross.
Conclusion
Bitcoin is entering an exciting phase where it is finally being taken more seriously by Congress. President Trump recently tweeted about his dislike of Bitcoin and the congress is having discussions about the regulatory frameworks and other issues it can pose. Bitcoin has grown big enough to garner the attention of the messes. As Bitcoin enters a new era, the price could fluctuate rapidly in the future. After all, Bitcoin does what it wants to do.
Disclaimer:This article is not intended as an investment advice and published for educational purposes only. BTC markets are highly volatile and risky in nature. DYOR before making any investment decision rather than listening to a stranger over the Internet.
