With stock markets falling due to concerns about the economy, the cryptocurrency market is beginning to show resilience and gain value against the dollar, even at a time when the dollar index is gaining more and more strength against strong fiat currencies. Check out what TradingView analysts are thinking.
Yesterday we had the closing of the BTCUSD monthly chart, where there may be possibilities of it being a bottom in the US$25,000 range and bringing further growth in the medium and short term.
At the moment, the price is back above the 20 monthly moving average, which could increase buying pressure. Remembering that we still have regions of Fibonacci retracement, which can serve as resistance for the price.
If this bottom formed at US$25,000 is a bullish pivot, the price will need to break the top of US$31,000 or even US$35,000, where the 61.80% Fibonacci retracement is located. Thus, the price may seek the US$45,000 to US$48,000 range, where we may have a longer fractal to capture this region.
Now, if the price respects the Fibonacci retracements and returns below the average, the price may respect the bearish fractal that I have already been commenting on. The projection for this fractal could be in the range of US$ 15,000 to US$ 19,000 or even the POC region of the VPVR indicator, which could act with more interest.
Remembering that this analysis is medium and long term, where it may take time to develop and capture the regions. (See the full analysis).
The market is in a strong upward movement, as expected, according to my analysis previously published on my profile.
After approaching the BSL region (buying liquidity) and mitigating an entire institutional candle (IFC), we are witnessing a healthy and necessary market return to fill the price imbalance caused by the strong upward movement on 10/01. It is crucial that all price imbalances are filled for the movement to continue to be effective.
Following the reasoning of my previous analyses, I believe that we will not see a bearish trend reversal yet. And, most likely, there will be a need for institutions to push the price up to the $29,000/$30,000 level, where their pending orders are waiting to be triggered.
It is important to remember that the US$29,000 region is a validated block of institutional orders, since just below it there are liquidity points that attract retail investors.
Taking into account the entire narrative, the macro analyzes already published on my profile and the recent movements of our main cryptocurrency, I maintain a bullish outlook and I do not believe that this pullback we are seeing today is a reason for a market reversal. (See more about Bitcoin).
The coin was in a falling wedge from its all-time high, where the breakout occurred, followed by the retest of the downtrend line, where it found buying strength.
Furthermore, a triple bottom (head shoulder and reverse shoulder) was formed in the previous accumulation range, situated between 0.01016 and 0.02015, suggesting a possible trend reversal. The MACD lines on the daily and weekly chart are indicating bullish, while the monthly chart is about to turn positive.
The ideal scenario would be a breakout of the EMA 200 on the daily chart and a move above 0.020, which would demonstrate the strength of the bulls and the formation of an upward pivot on the weekly chart, lending credibility to the movement. (See more about Cryptocurrencies).
Disclaimer: The analyzes presented here are only studies. They are not investment recommendations, neither buying nor selling, nor do they reflect the opinion of the media vehicle in which they are being published. These are studies aimed at people with knowledge and experience in the financial market.
Our Authors: Somer, Isabr and Marciano Alvarenga.