22 June 2019 | Darcy K. Butcher, MA, Journalist | Pacific Rim International
While Bitcoin has all time highs after a 15 month correction phase it currently has not had a healthy correction, pull back. This is notable because in previous climbs #BTC has come back down to retest the 21 EMA several times (which currently sits at the $6500 region). Typically this test indicates a healthy pattern in a Bull market. For this reason some technical indicators point to one possibility that this current run may actually be a B wave of a Bear market pattern. With that in mind, market makers know that a move in any direction is possible and keep all options on the table without thwarting bias. Overall the sentiment is extremely Bullish and the Bulls have proven a significant control.
The Bullish view is that the total market cap continues to rise and many financial institutions are consistently entering the market. This coupled with the possible economic woes, China in particular, has added fuel to this Bull cycle. What pushed Bitcoin above the $10,000 mark was the addition of a short squeeze (many short positions had to close, buy back in which increased volume).
The next major move may favor the bulls or the bears depending on volume and corrective impulses that may be bought up. This graph shows a forecast example for either situation.
CURRENT MARKET
Market Cap: $324,979,371,590
24h Vol: $86,799,154,939
BTC Dominance: 58.5%
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BTC Wallet:
346W2wMDXVULDkuA3UUMe9S3EQT1KiMNon
LTC Wallet:
MUFGoHiwEQQJnfXFSUjN5eJTaBUCd7cu8k
For educational purposes only. This is not financial advice. DYOR
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