Uncertainty in the Market As Stagnation Continues: Which Way is Bitcoin Going?
Nikola Lazic's original article for blockonomi.com reduced by 57%
On the global chart, you can see that the evaluation has been hovering around the lower levels of the resistance zone it entered and has created an ascending structure which for now looks like a channel but is currently retesting it support line which is why we might see a breakout soon. On the 15 min chart, we can see that the price action created two ascending channels, one being the upper major one and the other being a minor one inside it out of which its support level is the same. The price is currently interacting with that support level and is struggling to stay there which is why we may see a breakout to the downside now, but if that happens I wouldn't expect a breakout below the bold black line, as I am expecting one more increase before a trend continuation.
As we are now seeing the ascending channel after the mentioned decrease it could be interpreted as a corrective/consolidative range in which the buyers and the sellers' are getting closer to each other, and as the moves are getting smaller and smaller we are to soon see a decisive move. If we are seeing the start of the impulsive move as a trend continuation after the Intermediate WXY correction ended in theory the price could go up to the level of the Sunday's high on its second wave so we might see the price increase like we have seen in the case of Ripple due to Coinbase listing before the price starts its 3rd and the most powerful wave to the downside. In the upcoming period, we are going to see if the market is heading for a prolonged correction or for a trend continuation after the correction ended.
The current ascending channel looks corrective so in either way I would be expecting to see the price of Bitcoin lower than the current levels but it is still unclear whether or not the price is going to increase at first as the corrective structure plays out as the fractal, like seen in the Intermediate X wave stage of the WXY correction.
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CN [too long; didn’t read]
Summarised crypto news.