BITCOIN (BTC / USD) Warning !! Long Overleverage. Bitcoin Repeats Bullish pattern. If you are a bitcoin investor you should see this pattern
Bitcoin formed a new range and may be about to break it to the upside but ...
It may be repeating the bullish pattern but the leveraged long positions do not allow the price to continue higher.
We will see
Bitcoin is climbing gradually forming ranges.
This is the link of the article in which I analyze the bullish pattern of Bitcoin
It has already made 3 ranges and has broken upwards and has already formed the price a fourth range has followed the different moments identified in the accumulation range.
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Let's start at
It has already formed the new bullish channel, it would be the 4 time that it repeats the same pattern.
I already made the price a False Break reaching a new Historical Maximum but it lasted a short time.
He has also retested the lower limit on several occasions, which he has repeated in previous ranges he has formed.
Let's look at the identified moments of the range
Accumulation channel
1- After each break of the previous channel, Bitcoin hits a high and goes back a little more than 3%.
2- Reinforce the channel by touching its lower and upper limits.
3- Make false breakout price higher, low volume
4- Retest the lower limit of the Bitcoin price in the channel, with good stop volume.
5- Breaks the channel in a bullish way, with an increase in Volume
Current situation
Bitcoin after starting to form a new range has made a false break, a new historical maximum, but quickly the price re-enters the range and touches the lower limit and bounces.
The new bullish channel is forming, we are at moment 2 and 3 with the false break.
The price this week has risen and has exceeded the range but the funding rates of long positions is very high
In the last few days the range has consolidated by moving the price between the upper and lower limit of the range and today we see a retracement
Bullish
With a new break to the upside of the upper channel of the range, we could break the new all-time high for Bitcoin. Perhaps looking to form a new range or start to form a new bullish pattern.
We could see a downside wick that removes all this overleverage to the upside and ramps up quickly.
The price should end this week above $ 62,500.
Down
You always have to look at different possibilities of the price, although bitcoin in the long term indicates that it is bullish.
This last week the price has moved within the range, a double to 59000 and a quick recovery would be an option to eliminate the overleverage.
Another possibility of eliminating overpanning is by staying in the range for a few days, lateralizing the price
If there is no volume, little interest in Bitcoin can happen that remains in the range looking for price support.
The 59000, the lower limit of the channel, is still a good support.
I will continue analyzing when we find ourselves in this bullish pattern of Bitcoin.
What you think ?
Protect your assets use Stop loss
The alcoins market is very dependent on the price of Bitcoin, when Bitcoins goes up the alcoins go up more, but also in the other sense, so I suggest that you periodically review a Bitcoin and use stop loss and move it when they are already in profit. Do not let a profit become a loss.
We will continue monitoring To be attentive Protect your Investments
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READ DISCLAIMER: this publication / analysis is only for general information purposes. I am not a professional trader and I will never be a financial advisor. The material in this publication does not constitute any trading advice of any kind. This is the way I see the paintings and what my ideas are. Perform your own analysis before making an investment decision. Use money that you are willing to lose if you make an investment. If you make exchanges or investments after reading this publication, it is entirely at your own risk. I am not responsible for any of your gains or losses. By reading this publication, you acknowledge and agree that you will never hold me liable for any of your profits or losses.
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