Is Bitcoin bullish or nah? Here is what is really going on with BTC price
Data suggests BTC is finally carving out a bottom, but is it time to buy? Since March 2022, traders and so-called analysts have been forecasting a policy change or pivot from the United States Federal Reserve. Apparently, such a move would prove that the Fed’s only available option is to print into oblivion, further diminishing the value of the dollar and enshrining Bitcoin (BTC) as the world’s future reserve asset and ultimate store of value. Apparently. Well, this week (Nov. 2) theFed raised interest rates by the expected 0.75%, and equities and crypto rallied like they usually do.But....
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Bitcoin price continued to rise yesterday scoring a high of $244. The pattern of the new bullish wave has been established as we explained during our yesterday's "intraday tips" article. By analyzing the 1 day Bitfinex (BTC/USD) charts and plotting the RSI and the 20 day EMA accordingly (look at the below chart), we can conclude the following: The current bullish trend can be viewed as a continuation of the bullish wave that started on the 15th of January, if we consider that the first bullish rally had been halted by a price correction wave that triggered sideways movements for a few....
Last week’s article stated: The price ran right up into that resistance area, reaching a high of ~US$295 before retreating to its current price of ~US$285. It should find near term support at US$280. As price has risen, a bullish crossover occurred between the 50 & 100 day EMA’s, which gives further support the bullish trend. Although to get really bullish, the 50 day EMA needs to be above the 100 day EMA, which needs to be above the 200 day. That’s a real bull trend in the making. “If price gets back above US$270 and takes out US$273, a run for the US$290-$300 area is the next target.....
Bitcoin price resumed increasing today, reaching a high of $247 as the market's trading volume is higher than yesterday's. As the bullish wave is building up, we can soon see the price heading up to $300 as soon as the $256 resistance level is broken. By examining the 1 hour Bitfinex (BTC/USD) charts from tradingview.com (look at the below chart), we can see that today's trading has led to the formation of 7 successive green bullish candles, which is a sign denoting that the bullish wave has the strength to continue. We can notice that today's bullish rally occurred at approximately the....