Well we have had a good run for the past 40-50 days and bitcoin had reached its ATH for the year 2019 couple of times. So whats the next price movement, one crucial thing to notice is the Bollinger band. The price of bitcoin has crossed the neural territory and is now near the bottom line of the Bollinger band.
No one has timed the market correctly and I am no different. I was actually expecting bitcoin to retrace a week or two back. But it kept going higher, but as the pundits say whatever goes up has to come down and BTC is no exception to this rule. This analysis is by no means a doomsday prediction for bitcoin price, but I am just highlighting that corrections are always healthy and this gives the market an opportunity to start afresh.
So now if bitcoin can consolidate near Resistance (R2) then we have to keep an eye if the price makes a crossover from the bottom line to an area above the neutral/middle line in Bollinger band. This could mean that BTC price will move in an upward direction and we could potentially see new highs. But if it remains near the bottom line and breaches the Resistance (R2) then we can expect a drop to the 7000 levels to Support (S1).
No one has timed the market correctly and I am no different. I was actually expecting bitcoin to retrace a week or two back. But it kept going higher, but as the pundits say whatever goes up has to come down and BTC is no exception to this rule. This analysis is by no means a doomsday prediction for bitcoin price, but I am just highlighting that corrections are always healthy and this gives the market an opportunity to start afresh.
So now if bitcoin can consolidate near Resistance (R2) then we have to keep an eye if the price makes a crossover from the bottom line to an area above the neutral/middle line in Bollinger band. This could mean that BTC price will move in an upward direction and we could potentially see new highs. But if it remains near the bottom line and breaches the Resistance (R2) then we can expect a drop to the 7000 levels to Support (S1).
