I will analyze the bitcoin price, the trend line and the total of the crypto market.
We'll see
1st good news for Bitcoin
Yesterday at the close the price of Bitcoin ends up breaking the downward trend line.
We do not know if the break of the line is premature in time, but the price of Bitcoin continues to show strength after the exponential movement it had from $16,400.
In the chart we can already see the formation of the first range with bullish breakout.
We already saw this in the previous cycle.
I should confirm the break in the next few days, testing the 25000 dollars upwards or retesting the channel at some point.
We have already passed the maximum of 18,000 dollars from the previous cycle and the next resistance will be 25,000 dollars, which is the maximum reached by the bitcon price after bitcon reached 17,500 dollars.
If it passes 25,000, Bitcoin would already be marking a higher maximum than the previous one, it would mark a change in the long-term trend from Bearish to Bullish.
For now bitcoin is marking a change in the upward trend in the medium term.
2nd positive news for Bitcoin
We have raised 1Trillion dollars in the Crypto Market again today.
This is very important since it gives more solidity to the crypto market.
In the previous cycle when the crypto market reached the Trillion dollars, the price of Bitcoin was at 40,000 dollars, with a much higher dominance than the current one.
This gives an idea of the importance that Alcoins such as Ethereum, Bnb and many others are having.
Special mention of Hive that is fighting to reach 40 cents. Many Alcoins are at much higher values than the setback of the previous cycle.
I recently did an analysis of Hive and mobile lines.
If we apply fibonacci to the chart, marking the entire cycle to the downside, we see that the first resistance could be when the total market reaches 1.3 Trillion dollars.
If the Total Market reaches $1.3 Trillion with Bitcoin dominance rising, how much do you think Bitcoin will trade at? Comment. Thanks
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