The world of cryptocurrency was once shrouded in mystery and uncertainty. But amongst the chaos, one digital asset emerged as a shining star: the phoenix known as Bitcoin. Bitcoin’s journey has been fraught with twists and turns. So what’s the next move?
Does the Phoenix rise from the ashes once again!?
With a strong weekly candlestick, Bitcoin broke its heavy resistance zone ($17,650 – $19,800). An expert from safetradebirnaryoptions.com highlighted some noteworthy factors of Bitcoin’s current position:
As the Fixed Range Volume Profile indicator shows, there is a large trading volume in this area.
There’s a bullish scenario where a new weekly candle should make a Higher High and close above $21,480.
It should be noted that Bitcoin has overcome the SMA200 (daily time frame) wave in the moving average, but it is still involved with the EMA200 (daily time frame).
It can be a bull trap if the weekly candle fails to overcome the EMA200 and closes below the SMA200.
If phoenix can break the important downtrend line to the upside, it can get back to the heavy resistance zone ($26,600 & $32,600).
This indicates not only some possible bullish scenarios but also some bearish ones as well.
If Bitcoin fails to break its important downtrend line, it will tumble to the resistance zone that has now become a support zone.
The market does not only include Bitcoin. I also have predictions for altcoins.
According to the chart below, Bitcoin Dominance (BTC.D) is stuck in an ascending channel in a daily time frame.
In a bullish market scenario, If BTC.D can break the channel & its Price Reversal Zone (PRZ) to the top, we will see more growth in Bitcoin than in altcoins. On the other hand, if the BTC.D makes a downward movement to the middle of the channel or even lower than it, we will witness the alt season and the end of winter in altcoins for the next two weeks. The hunting season for altcoins will come up.
But there is also the possibility of a bearish market. If the BTC.D breaks the channel and the PRZ from the top, our phoenix will experience fewer price reductions this winter. It’s also plausible BTC.D might collapse in the bearish storm; in that case, altcoins will be more secure than Bitcoin.
It’s not necessary to rush into any decisions just yet. It’s better to see which scenario plays out and then decide on your investment from there.
From tech giants like Paypal to everyday people like you and me, the world is about to see the potential of this digital asset. Even traditional financial institutions are taking notice, recognizing Bitcoin’s potential as a store of value and even investing in it themselves.
For now, it’s worth keeping your eye on Bitcoin and other digital assets to see how the future investment landscape unfolds.