Cyclical or structural green – The $24,000 is still fragile. The price of Bitcoin (BTC) loses this freshly regained level, but bullish forecasts remain unchanged: the time would be for recovery and not for fears of further falls towards $20,000 and below.
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Correction before $30,000 for Bitcoin price
After rising to levels near $25,000 yesterday, the price of Bitcoin drops to $23,603 on Bitfinex today, August 12, 2022. However, it manages to regain $24,000. Cryptocurrency trades at $24,118 at the time of writing this article. The markets are entitled to a doji.
Today’s declines correspond to “intraday corrections”, according to trader Michaël van de Poppe. $23,000 would now be the new support to defend. This level almost corresponds to the current 200-week moving average.
As long as Bitcoin holds above $23,000 in this way, the trader believes the cryptocurrency is likely to continue its ascent to $28,000-$30,000.
Beginning of an uptrend or yet another bull trap?
Should the recent bitcoin price increases be seen as one-off impulses, with more significant declines to come, or can the markets believe in a sustained bull rally?
The founder of XOR Strategy, Aurélien Ohayon, shared a two-day chart of the price of Bitcoin, to support his predictions that the cryptocurrency is ready “ for a massive bull run “.
By tracing a channel based on the lows and highs of previous cycles, the chart shows that the price of Bitcoin has touched a bottom, and is now preparing to go down. a long climb.
The 200-period exponential moving average of the Woodies CCI and CCI Turbo Histogram indicators, further reached a level that, based on historical data, could confirm that Bitcoin has bottomed out on the cycle, and is now entering in a sustainable uptrend.
Levels around $25,000 are the next resistance zone, which may give the bulls a run for their money. Despite these obstacles, the long-term outlook is bullish. The trend would now be bullish, even if the cryptocurrency is still struggling to move away from $23,000.
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