Does the big phase of bitcoin accumulation show us where price is going?
Bitcoin continued its daily balance pattern, but yesterday had a strong day going from $ 9,110 to $ 9,625. Currently, bitcoin is in a consolidation phase since yesterday's move, but buyers are feeling comfortable.
The daily 12-EMA indicator serves as a support as buyers want to set a higher minimum compared to $ 8,642. This tight price range is now in favor of buyers as volume rises.
In the short term, this is in favor of buyers, but the long term also looks good. The weekly chart formed the so-called a bull flag, and the monthly chart has been in favor of buyers over the past 3 months.
Accumulation before the big move?
In a tweet on May 29, a well-known Credible Crypto analyst stated that bitcoin has been going through a huge period of accumulation in the last 896 days, but its journey to $ 100,000 is about to begin.
The weekly chart posted by "Credible Crypto" on his Link tweter that Bitcoin also creates an equilibrium pattern here with a clear high and possible down, followed by a lower high and a higher low. However, the equilibrium pattern is neither up nor down, it just shows that bitcoin has a lot of potential to make a big move when any of the levels are broken.
For example, if Bitcoin were to breach a lower level, we should expect a huge continuation of declines afterwards, but we do not know if Bitcoin will actually exceed this level or not. Bitcoin is currently closer to the lower high than to the higher low, but we can easily see another lower high followed by a higher low.
The scope is still wide and anything can happen, but there are some underlying reasons why bitcoin is not very vulnerable to breaking. The Grayscale trust is buying bitcoins at an accelerating pace this year, and institutional interest in bitcoin is growing.
Interest in Bitcoin is rising to new highs almost every other day this month, and the recovery from $ 3,700 from the March 12 mass crash shows the strength of the cryptocurrency.
How do you think? Does bitcoin have growth potential now or is there still a deep correction ahead?
Bitcoin continued its daily balance pattern, but yesterday had a strong day going from $ 9,110 to $ 9,625. Currently, bitcoin is in a consolidation phase since yesterday's move, but buyers are feeling comfortable.
The daily 12-EMA indicator serves as a support as buyers want to set a higher minimum compared to $ 8,642. This tight price range is now in favor of buyers as volume rises.
In the short term, this is in favor of buyers, but the long term also looks good. The weekly chart formed the so-called a bull flag, and the monthly chart has been in favor of buyers over the past 3 months.
Accumulation before the big move?
In a tweet on May 29, a well-known Credible Crypto analyst stated that bitcoin has been going through a huge period of accumulation in the last 896 days, but its journey to $ 100,000 is about to begin.
The weekly chart posted by "Credible Crypto" on his Link tweter that Bitcoin also creates an equilibrium pattern here with a clear high and possible down, followed by a lower high and a higher low. However, the equilibrium pattern is neither up nor down, it just shows that bitcoin has a lot of potential to make a big move when any of the levels are broken.
For example, if Bitcoin were to breach a lower level, we should expect a huge continuation of declines afterwards, but we do not know if Bitcoin will actually exceed this level or not. Bitcoin is currently closer to the lower high than to the higher low, but we can easily see another lower high followed by a higher low.
The scope is still wide and anything can happen, but there are some underlying reasons why bitcoin is not very vulnerable to breaking. The Grayscale trust is buying bitcoins at an accelerating pace this year, and institutional interest in bitcoin is growing.
Interest in Bitcoin is rising to new highs almost every other day this month, and the recovery from $ 3,700 from the March 12 mass crash shows the strength of the cryptocurrency.
How do you think? Does bitcoin have growth potential now or is there still a deep correction ahead?
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