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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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.
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