Bitcoin Price outlook: what to expect next?

Bitcoin Price outlook: what to expect next?

bitcoin
April 5, 2019 by Hitesh Malviya
216
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
bitcoin price outlook what to expect
BTC/USD Daily Chart(bitstamp)

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.

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