Bitcoin’s Options Market Retains Long-Term Bull Bias Despite Sluggish Price

Following up on the weekend look at Bitcoin’s long term price chart, we will look again today at the long term (8 day candle) chart of BTC, per Kraken. Over the weekend we looked at a Bull Setup. As we saw, that setup suggests a bull move that will likely last several more months. But of course, it goes without saying that there are both bulls and bears in the market at pretty much any given moment. I expect that is well understood by everyone reading this article. So, it is not enough to just look at a bull setup as we did in my last article. We want to gauge bear strength also. So let’s....

The Dogecoin price dropped 2.05% against the BTC in over the last 24 hours, as Bitcoin continued to test its prevailing upside risk near 281; therefore maintaining its bullish bias. The Doge price is reacting inversely to Bitcoin's price behavior; and is therefore continuing on its prevailing bearish bias. Dogecoin Price 4H HITBTC Chart. As you can see in the chart above, the Dogecoin price has held a constant downward momentum for quite a time. Over the last 24 hours, the price succeeded to float above 49, while testing upside resistance near 52; therefore forming consolidation between....

Bitcoin’s price is undergoing a correction toward the long-term upward trend. For how long will this correction last, and at which point is the long-term upward trend most likely to continue? What has caused the start of this correction? One of the key long-term levels was near $760-80. A long-term downward trend has been forming along that price as far back as 2014. The price of $760-80 has become a key level. The placing of the correction level of the Fibonacci grid 38% has given more significance to that range. That’s why it could be called a historical maximum, which was later....

The Spring has ended with Bitcoin exiting a flat, which has been there for more six months. Will that cause a continued long-term growth, or was it a false breakthrough? The long-term upward trend is continuing. After fortifying at the top limit of the long-term flat, Bitcoin’s price underwent a powerful upward impulse. Such movements usually appear when one of the development scenarios becomes unrealistic. A turn was needed around $450, in order for the long-term flat to continue. In that case, Bitcoin’s price would fall to the bottom limit of the flat, around $360-90. A turn to decline....

Bitcoin’s price, unable to form a turn to growth, is continuing its downward trend. That movement is approaching a long-term resistance line, from which it may rebound up. The long-term correction is continuing, After breaking through the key level of $455, Bitcoin’s price could not fortify it. The bears were holding the advantage, which led to Bitcoin’s price falling and fortifying below that mark. The downward rebound scenario has played out. The level of $455 remains a point where the downward trend, which has started at $460, could be broken. The downward movement is part of a....