BITCOIN : WHAT'S NEXT FOR THE KING OF CRYPTOS?
- The market still trades above its bullish long-term trendline ; The long-term trend remains alive to this day.
- Since March 2024, the market has entered a consolidation phase, trading sideways between 57K/
59K and 70K.
Both moving averages remain bullish, as dynamic support to prices, while the RSI indicator has broken-out its bearish trendline following the sharp market's rebound over 57K.
- This is seen as a bullish configuration for Bitcoin.
Even if the market is still consolidating on a short-term view, the long-term bullish trend remains well-alive so far.
In addition, such consolidation are normal following sharp market bullish acceleration.
The current short-term bearish flag isn't seen as a reversal pattern, which doesn't threaten the long-term bullish trend.
Even if another bearish leg could still take place at this stage, this configuration may be the sign of an accumulation phase before reaching new highs towards $74,250, $78,400, $84,300 and $91,815 by extension.
Pierre Veyret, Technical Analyst at ActivTrades
The information provided does not constitute investment research. The material has no been prepared in accordance with the legal requirements designed to promote the independence of investment research and such is to be considered to be a marketing communication.
All information has been prepared by ActivTrades ("AT"). The information does not contain a record of AT's prices, or an offer of or solicitation for a transaction in any financial instrument. No representation or warranty is given as to the accuracy or completeness of this information.
Any material provided does not have regard to the specific investment objective and financial situation of any person who may receive it. Past performance is not reliable indicator of future performance. AT provides an execution-only service. Consequently, any person acing on the information provided does so at their own risk.
- Since March 2024, the market has entered a consolidation phase, trading sideways between 57K/
59K and 70K.Both moving averages remain bullish, as dynamic support to prices, while the RSI indicator has broken-out its bearish trendline following the sharp market's rebound over 57K.
- This is seen as a bullish configuration for Bitcoin.
Even if the market is still consolidating on a short-term view, the long-term bullish trend remains well-alive so far.
In addition, such consolidation are normal following sharp market bullish acceleration.
The current short-term bearish flag isn't seen as a reversal pattern, which doesn't threaten the long-term bullish trend.
Even if another bearish leg could still take place at this stage, this configuration may be the sign of an accumulation phase before reaching new highs towards $74,250, $78,400, $84,300 and $91,815 by extension.
Pierre Veyret, Technical Analyst at ActivTrades
The information provided does not constitute investment research. The material has no been prepared in accordance with the legal requirements designed to promote the independence of investment research and such is to be considered to be a marketing communication.
All information has been prepared by ActivTrades ("AT"). The information does not contain a record of AT's prices, or an offer of or solicitation for a transaction in any financial instrument. No representation or warranty is given as to the accuracy or completeness of this information.
Any material provided does not have regard to the specific investment objective and financial situation of any person who may receive it. Past performance is not reliable indicator of future performance. AT provides an execution-only service. Consequently, any person acing on the information provided does so at their own risk.
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