Quick update from my last post, Bitcoin and all the other cryptos are under heavy accumulation right under very important weekly/monthly levels. Whats interesting is that Bitcoin is accumulating right below the weekly support at 8650.
This is not the start of a dip in price of Bitcoin, this is simply just called textbook accumulation - well actually wouldn't really call it textbook because of these crazy crazy wicks.
Anyways, i'm expecting Bitcoin to continue accumulating right along this weekly level at 8650 until it inevitably moves upwards towards the psychological resistance at 9000.
We've already seen this exact move play out last fall where the price does a heavy dip, accumulates below a weekly level and spikes up even higher than the previous dip. This happened when Bitcoin moved from 7000 - 10500 in the span of a day.
Some traders would call this pattern the 'reverse bart' but this is just simply accumulation. I don't know how else to put it, we're in a bull market.
As always please do your own research, I am not a financial advisor.
This is not the start of a dip in price of Bitcoin, this is simply just called textbook accumulation - well actually wouldn't really call it textbook because of these crazy crazy wicks.
Anyways, i'm expecting Bitcoin to continue accumulating right along this weekly level at 8650 until it inevitably moves upwards towards the psychological resistance at 9000.
We've already seen this exact move play out last fall where the price does a heavy dip, accumulates below a weekly level and spikes up even higher than the previous dip. This happened when Bitcoin moved from 7000 - 10500 in the span of a day.
Some traders would call this pattern the 'reverse bart' but this is just simply accumulation. I don't know how else to put it, we're in a bull market.
As always please do your own research, I am not a financial advisor.