As per long term Technical analysis, though currently BTC is passing through correction phase but Bullish trend is still in tact. We are in the middle of Bull Run and it will complete when BTC hits $250,000.
Asa usually hota ni hay k jo majority of the people sooch rahay hoon wohi ho. Sab logon ka target 250,000 - 300,000$ jo k possible ni hoga. Ya tu bitcoin ka price bohat neechay rah jeiy ga like 64,000$ ya pir bohat uper nikal jiey ga like 500,000$. Lets see kia hota hay bull run mein.
G Bhai, Bull cycle mein correction bi aati ha or correction Market k liye Healthy hoti ha ku k correction k bad new buying aati ha.Market last six months se Musalsil oper hee ja rehi thi. Correction toh aana hee thi or BTC mein 40-50% correction normal hoti ha jub ap BTC ki History dekhty han. INSHALLAH aany waly dino mein Behtri aai gi.
Do you think this is a correction only ?
Jab bhi bull market katim hoti hay, you will find people giving hope that this is a correction, it will come up but it never comes up. In entire 2017, bitcoin maximum correction was 40% but we have witness 53% correction recently.
To tell you truth, i am not sure now if we are in bull market or bear market. I think most like we are heading towards a bear market.
G Umer Bhai, I have attached my Trading view chart of BTC on Day time Frame which I use most of the time for trading purpose, When you look at this chart you see two parts of it, the upper portion is Moving Average and Lower portion is RSI. RSI is at around 30 which reflects lower confidence of Market Participants but we can clearly see V shape recovery is in the making. The upper part has 3 Moving averages, 34 weekly EMA, 21 weekly EMA and 9 Daily EMA. We see 3 candles around white line which 34 weekly EMA, Blue line which is 21 weekly EMA and Green Line 9Day EMA. The reason I am still optimistic is because I see heavy accumulation around white line and I hope we will see a Breakout from here and BTC will face next Resistance at 42K and after 42K next is 48K means we will see candles formation above green and Blue lines. I will change my Bullish Stance if a Long Red candle is formed below white line and no price recovery is seen immediately. Then, Market will go Bearish for Mid term. I hope it won't happen.
Good analysis but as you said we need to cross 42K first to see any sign of reversal jo k abhi muskil lag raha hay.
Also see my version of the chart for now. Look like rising wedge is breaking down in 1 hr time frame, means more dump expected in short term.
G Bhai , Current situation mein toh BTC is still sideways and no sign of any big move, no Breakout or Breakdown. Let's see what happens when Markets open on Monday. I am sure about one thing when market remains sideways for many days , forms many candles around weekly EMA 34 then a Major move certainly comes, upwards or downwards. Let's watch and wait. Lot of negative news are killing Market sentiment. ALLAH KAEEM.
