Bitcoin has been in a volatile state these past weeks. Even though many blame it on the current scenario of market turmoil, i believe BTC is behaving the same as it did all these years. Bitcoin tends to follow a period of high volatility and low volatility. My analysis shows that BTC is holding its long term upward trendline on weekly chart which it tested in 2017 February, 2018 December and 2020 March. Bitcoin is also forming a symmetrical triangle n weekly chart connecting its lower highs from its previous highs and higher lows from its previous lows. Inside the symmetrical triangle if we connect the two short term trends, both form a trend angle of 62-64 degree. Going with this theory, I believe that BTC will soon move in a range bound area marking 6000 level as its upper range. Once it breaks the range, based on a 62 degree angle, the next BTC upward move will take the price to 7800-8500 level for its next high. If BTC breaks out of the symmetrical at this level, It will start the next leg of bull run. If not then, BTC will come down to 4800p-5000 as its next lower high on the upward trendline and the cycle will continue. I believe 4800-5500 level is the best time to accumulate BTC because once it breaks of the symmetrical triangle, we won't be seeing these prices ever again. I also believe that the volatility currently has reduced a lot and its best time to accumulate right now as BTC price has started making higher highs on lower time frame as well.
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As informações e publicações não devem ser e não constituem conselhos ou recomendações financeiras, de investimento, de negociação ou de qualquer outro tipo, fornecidas ou endossadas pela TradingView. Leia mais em Termos de uso.