Why isn't it so impossible for Bitcoin to retest $ 13k before a break of the all-time high?
Very simple, first of all we start from a very basic analysis, namely that generally the breaking of a triangle usually occurs around 2/3 of the formation of the triangle.This point is located in May, confirming this thesis are some factors to consider:
. Generally January turns out to be a '' red '' month for Bitcoin, while March turns out to be historically a month of '' recovery ''
. The distance from the 20-period moving average which in bull run conditions tends to be used multiple times as a support.
. The entry of the RSI into a '' hot '' zone indicates to major investors that entering at this time is risky.
. In the past, Bitcoin has performed retracements between 30 and 40% after a large extension, in this case it would bring the price back to touching the 20-period moving average.
. In particular, the price 13.7k $ has not yet been retested and also coincides with the value 0.382 fibonacci (if the price should fall)
These are the main clues that lead us to believe that Bitcoin in the short term may perform a large retracement before resuming its upward path.
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Very simple, first of all we start from a very basic analysis, namely that generally the breaking of a triangle usually occurs around 2/3 of the formation of the triangle.This point is located in May, confirming this thesis are some factors to consider:
. Generally January turns out to be a '' red '' month for Bitcoin, while March turns out to be historically a month of '' recovery ''
. The distance from the 20-period moving average which in bull run conditions tends to be used multiple times as a support.
. The entry of the RSI into a '' hot '' zone indicates to major investors that entering at this time is risky.
. In the past, Bitcoin has performed retracements between 30 and 40% after a large extension, in this case it would bring the price back to touching the 20-period moving average.
. In particular, the price 13.7k $ has not yet been retested and also coincides with the value 0.382 fibonacci (if the price should fall)
These are the main clues that lead us to believe that Bitcoin in the short term may perform a large retracement before resuming its upward path.
If you liked this analysis, leave a like and if you feel generous feel free to leave a small donation.
Good trading at all!