In my yesterday’s Bitcoin analysis titled “Bitcoin Bulls Return”, I talked about the breakout of the falling wedge pattern the bitcoin price was trading in, as well as my price targets and levels to watch out for.
I also talked about my doubts on the bullish breakout move and cautioned about the little to no volume pushing the price higher, pointing out that this lack of bullish volume might lead to a stop and reverse in price.
Well, that stop and reverse scenario are exactly what happened today. We saw the bitcoin upward move stop and bearish momentum enter the bitcoin market, pushing the price back down.
This price dump saw bitcoin retesting the base channel of the ascending triangle pattern price has been trading in for a while now and a break of this support region could see price heading even lower.
So what is happening and is this the end of the bullish run? Well, I will be answering those questions and more in this Bitcoin analysis. I will also be talking about the 5,000% bullish signal that is currently flashing on bitcoin and how you can take advantage of this coming bull run.
Are We in A Bearish or Bullish Market Now?
I am still very bullish on Bitcoin and I believe the probability of the bullish trend returning is very high, especially with all the positive fundamental news coming out recently.
But if the price does decide to head lower, then the level to watch out for now is that $9,000 support region price bounced off from recently. A break below that support region could see price crashing to $8k, $7k, or even $6k.
However, if the price does bounce higher, there is a very high likely hood that we might see the retest or break out of the $10,000 resistance and the return of the bullish trend.
The Epic 5,000% Buy Signal Currently Flashing On Bitcoin
The bitcoin hash ribbon indicator has been a very accurate predictor of huge bull runs in the Bitcoin market. This accuracy is only doubled when the hash ribbon buy signal coincides during a Bitcoin halving period. During this time, the bitcoin price has been known to always go on a bull run, creating new highs and averaging in more than 5,000% in gain. And I am expecting this to occur again soon.
How Can You Take Advantage of It?
Well the bitcoin hash indicator as already showed me a buy signal, all I am waiting for is for the technical levels to align. However, it is important to point out that this is a long term trade setup and is suitable for Bitcoin investors who plan to buy and hold their Bitcoin for a while.
For short term traders, there is nothing to worry about as the bullish momentum that is to come will affect the lower timeframe and offer us numerous opportunities to join in the trend.
As for the technical levels I am watching, the most important level to look out for to confirm the start of this Bitcoin bull run is the top channel of that rising triangle.
Once price breaks out from it and closes above it with sufficient volume, then we can expect to see a volatile move to the upside.
To gain more information on how to partake in this coming Bitcoin Bull run and trade this cryptocurrency, you can read my How To Trade Bitcoin Guide. You can also check my top list of Best Bitcoin Exchanges To Trade With.