In the given chart, Red box is where accumulation happened before breakdown from 6000$ to 3200$. Price dropped by almost 50% here.
In the Green box, we can clearly see that – major accumulation has happened in 3600-4000$ price range.
If the current move is bull trap than we should drop back to 4400$ after a huge rejection from 6000-6200$. But if the current move is proper bullish breakout than #Bitcoin should at least visit 7000-7500$ and should find support above 6000$.
A huge bull market confirmation would be: if Bitcoin breaks above 21 Monthly Moving average which is around at 6700$. In 2015, Bull cycle started after #Bitcoin breached into 21 Monthly MA.
Join our telegram channel to get regular updates on market
Hitesh Malviya is the Founder of ItsBlockchain. He is one of the most early adopters of blockchain & cryptocurrency enthusiast in India. After being into space for a few years, he started IBC in 2016 to help other early adopters learn about the technology.
Before IBC, Hitesh has founded 4 companies in the cyber security & IT space.
Subscribe To Our Newsletter
Join our mailing list to receive Cryptocurrency investing and trading recommendations to your mailbox.
You have Successfully Subscribed!
Subscribe to get notified on latest posts.