Key Levels for Bitcoin [BTCUSD]
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Quite self-explanatory by looking at this chart. I have pointed out some key levels to look out for on the weekly chart for Bitcoin.
If Bitcoin breaks and holds above $10,500, then we have been accumulating for a massive bull run yet to come. Although, if Bitcoin breaks and holds below $8600 then Bitcoin has been in its distribution phase and that the markets have topped. I tend to lean more towards the latter and a break and hold below $8600, then it confirms my bias.
Break below and hold $6700 then things can get very ugly for Bitcoin. But only then can we be expecting a massive bull run, especially when markets tend to bottom out and most individuals start to lose interest. That is when the smart money pours in since I believe that there will be a higher probability of Bitcoin pulling yet another ATH.
Most people tend to believe that the crypto markets are not at all correlated to the traditional stock markets such as the SPX500 and it has been proven to be so as well! However, if traditional markets start to plummet, then most people tend to pull away from risk-on assets such as Bitcoin and crypto.
Quite self-explanatory by looking at this chart. I have pointed out some key levels to look out for on the weekly chart for Bitcoin.
If Bitcoin breaks and holds above $10,500, then we have been accumulating for a massive bull run yet to come. Although, if Bitcoin breaks and holds below $8600 then Bitcoin has been in its distribution phase and that the markets have topped. I tend to lean more towards the latter and a break and hold below $8600, then it confirms my bias.
Break below and hold $6700 then things can get very ugly for Bitcoin. But only then can we be expecting a massive bull run, especially when markets tend to bottom out and most individuals start to lose interest. That is when the smart money pours in since I believe that there will be a higher probability of Bitcoin pulling yet another ATH.
Most people tend to believe that the crypto markets are not at all correlated to the traditional stock markets such as the SPX500 and it has been proven to be so as well! However, if traditional markets start to plummet, then most people tend to pull away from risk-on assets such as Bitcoin and crypto.
Aviso legal
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