Are you $ 30,000 next to BTC after the recent recovery? (Bitcoin price analysis)
Are you $ 30,000 next to BTC after the recent recovery? (Bitcoin price analysis)
The price of Bitcoin has consolidated after the recent relaxation. While the market structure has shifted upwards at short notice, there is still a key level for the price to start a new bull market.
technical analysis
from: Edris
the daily type:
on the daily chart can be seen that the price has moved below the level of $ 30,000 in the last 10 days. Nevertheless, today's candle is showing a promising dynamic, and the price could finally test the important resistance brand of $ 30,000 in the coming days.
A breakthrough over the $ 30,000 range would significantly increase the likelihood of a new bull market. On the other hand, a possible rejection from the area mentioned could lead to a decline towards the support zone of $ 25,000. In addition, the RSI indicator shows a considerable interest bully momentum, but also approaches the overbought area and should be observed closely.
Tradingview
The 4-hour diagram:
If you look at the 4-hour period, a bullish market structure is clearly visible. The price rose quickly after recovery from the $ 20,000 area and exceeded several levels. The latest consolidation is also clearer in this time frame, since the price has supposedly formed a bullish flag that is currently being broken up.
A valid outbreak would pave the way for the market to test the $ 30,000 area. The RSI also shows an interest bully signal in this time frame, since the oscillator has broken out again via the 50 %threshold, which is considered positive and indicates the current upward dynamics.
Tradingview
on-chain analysis
by: edris
drainage of the Bitcoin exchange (Binance)
According to the latest CFTC allegations against Binance and his CEO CZ, it could be useful to analyze the stock exchange and the behavior of their users. This diagram shows the stock exchange drainage (sliding 30-day average), which measures the amount of BTC that is deducted every day.
Lately, two significant climbs of the drains have occurred, with the first and the larger one took place during the formation of the $ 17,000 depth. The second climb that interests us more has been taking place since the beginning of March. There are two possible reasons for this trend.
Firstly, some investors are optimistic that a new bull market will be evident and strive to withdraw their coins and keep them in their personal wallets. However, the second reason could be related to the latest accusations, and some whales could have deducted their assets from caution, since the situation for bony could deteriorate.Either way, while these raids are generally bad for the cryptom market at short notice, coins that flow from the stock exchanges would benefit the price in the long term, since the offer would gradually shrink.
Cryptoquant
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