Bitcoin (BTC) is still consolidating around the S / R Level at $ 47,000. The word consolidation is crucial in this case, because so far fresh price action is more or less just corrective. And that’s exactly what shoppers want to see. By that I mean that the corrective movement actually announces that bitcoin is preparing for further growth. Of course, provided nothing goes wrong. The joke is that we simply never have that certainty.
Personally, I have a lot of worries for us invertuje yield curve. In the past, the inversion was followed by a recession, which would take everything down, including bitcoin. But as I have mentioned several times, the joke is that the market response may come today or in a month. We are simply in a very uncertain period. And logically, even in a really complicated period, which cannot be prepared from textbooks and graphs.
Current situation at 1D BTC / USD
We have a short consideration behind us, so we go to the chart. I marked it in the price chart corrective structurewhich is constructed week. Late in the afternoon yesterday, the upper edge of the drawn graphic pattern was further tested. And the result is favorable. The slump was bought very quickly. In other words, we have a second confirmation that the market respects the upper edge of the triangle.
And now there is nothing to do but wait. Either the reflection comes or bitcoin collapses like a house of cards. She is that patience is very important, one simply has to stay calm and suffocate the feeling that something has escaped you.
Indicators
From the indicator RSI there seems to be an effort to reverse the inertia of the bull. As I said before, the initial negative response at the 70-point mark is not surprising.
In conclusion
Bitcoin now has a chance to continue to rise in price. In this case, it is the primary obstacle 200 days moving average. When it breaks, it will be the first signal announcing early testing S/R level 52 500 USD.
ATTENTION: No data in the video is an investment board. The analysis does not try to predict future price developments. It serves exclusively as educational content on how to approach the market. Before you invest, do your own research and analysis, you always trade at your own risk. The kryptomagazin.cz team strongly recommends individual risk considerations!
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