Despite Short-Term Weakness, Bitcoin Macro Trend Still Positive

The weakness of buyers prevents the steady growth of Bitcoin’s price. However, we could still see a return to the steady upward trend, which started at $410. Potential scenarios for short-term trend development. Due to the fact that the current movement is against the primary trend, there are multiple bounces off the key levels. For a short-term trend to form, these key levels need to be broken through and fortified on, i.e. there is a need for a significant increase in either Bitcoin buyers’ or sellers’ strength, which hasn’t happened so far. This is why the price is now stuck between two....

Bitcoin has undergone a strong rally over recent months from the March lows to $12,500 at the August highs. Not everyone is convinced that the crypto’s macro trend is positive, though. They point to the fact that Bitcoin has yet to firmly establish itself above $11,500 and $12,000. Those two levels have been of technical importance on a macro time frame since the 2017 highs. Three crucial reasons, though, suggest that Bitcoin’s macro trend is […]

Well, as many have noted in the comment section, my warning of a possible short-term fall in Bitcoin price Friday coincided very well with a RISE in price. I wish it weren’t so, but it happens. As my readers likely know, my published long-term forecast is for Bitcoin price to rise for the next several months. Trader’s strategies differ, but I am of the opinion that if the trend is up, one should only trade long, and not short. Conversely, if the larger trend is down, only trade short. Scalpers, of course, disregard this logic every day. Sometimes it is profitable to trade against the....

Bitcoin has undergone a strong rally over the past few weeks. The coin has rallied from the $9,800 lows in early September to $11,400 now. Bitcoin may retrace in the near term, analysts say, as it faces down increased selling pressure. Despite these short-term bearish signs, the long-term trend remains bullish. Noted on-chain analyst Willy Woo says that Bitcoin’s long-term trend is still decisively positive despite short-term downside risks. What’s Next for Bitcoin? Leading on-chain […]

The medium-term trend that we predicted on Wednesday turned out to favor sellers. This downward impulse was fairly natural. When should a new short-term trend impulse be expected? A key resistance level that has been protecting the whole movement, that started at $410, was broken through. A conflict of interests happened at the $427 mark, and it is there that the future of the existing upward trend was decided. The situation was resolved in favor of sellers. If there was a larger number of buyers, the movement wouldn’t have stopped.