Last week, as predicted in the prewiev analysis, culminated in growth. Still, on a weekly time frame, the reversal candles work perfectly.
The closing level of the week was about $ 200 higher than the opening level. Despite such a small difference, the movements inside the day were quite powerful and interesting.
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However, the nearest growth target is not met, the level of resistance and accumulation of shorts is slightly higher - in the $ 6900- $ 7100 zone. This week I expect the price to rise to this level.
The chart below illustrates a blue rectangle - this is a sales area where shorts will begin to accumulate and the price will likely rebound with a high probability...https://en.bit.news/bitcoin-price-analysis-way-multi-month-resistance/
I just really like to see another bull run and I am hoping it will be possible for this year, what do you think we need in order to achieve it?
To be honest, I don't see any bull runs at the end of the year. Worst, this whole drama of Bitcoin Cash might still be negatively affecting us as I'm expecting the price to continue to go down as their war is not over. In order to achieved a bull run, we need something to trigger it, might be Bakkt or ETF approval, but that is still up in the air and no one will know when the SEC will approve the CBoE ETF.
BAKKT simply would have been a very good trigger for the market before December 12, so in a way, we just get to see how things would end up panning out from here now. Although for me, it is the same thing as usual, which is to keep accumulating the dips, whether Bakkt hits the market or not.
Is BAKKT really that important to trigger another bullrun for Bitcoin and other cryptocurrencies? Nevertheless, I was only hoping for this dip to stop and even slowly accumulating some rise in the price in the market.