While there has been predictions that BTC is going down when there was a 7% fall on Friday. When we still look at the broader markets and the price action, we can clearly see that bitcoin's price is slowly climbing and we see that investors are lapping on and buying it whenever there is a market fall.
In our previous analysis we had predicted that Bitcoin might be range bound before it breaches the 5600-5900 mark and that prediction seems to be working out as the price has climbed back to 5470 at the time of the analysis and the previous fall didn't breach the 0.786 Fibonacci Retracement of ~5200.
Also looking at the current price trend the price has reached new highs in a span of 10 days per cycle. This has been true for the last 2 cycles where Bitcoin's price first saw a high of ~5400 on April 14th. If we assume that the cycle started after the first climb around April 4th, so the price climb pattern of high in 10 days was followed closely for the second cycle as well. Where the price high for the second cycle was around April 24. Now going by this analysis we can potentially see something similar where bitcoin might climb to a high and then fall back to the retracement path.
Next predictions : Bitcoin might now try to breach the 5900 in the next ten days and might again fall back to 5400 before moving ahead. It might take another cycle before BTC price tries to breach the crucial 6400 path.
Please note that the trade calls are the authors opinions based on technical analysis and hence readers are requested to do their own in depth study before investing.
In our previous analysis we had predicted that Bitcoin might be range bound before it breaches the 5600-5900 mark and that prediction seems to be working out as the price has climbed back to 5470 at the time of the analysis and the previous fall didn't breach the 0.786 Fibonacci Retracement of ~5200.
Also looking at the current price trend the price has reached new highs in a span of 10 days per cycle. This has been true for the last 2 cycles where Bitcoin's price first saw a high of ~5400 on April 14th. If we assume that the cycle started after the first climb around April 4th, so the price climb pattern of high in 10 days was followed closely for the second cycle as well. Where the price high for the second cycle was around April 24. Now going by this analysis we can potentially see something similar where bitcoin might climb to a high and then fall back to the retracement path.
Next predictions : Bitcoin might now try to breach the 5900 in the next ten days and might again fall back to 5400 before moving ahead. It might take another cycle before BTC price tries to breach the crucial 6400 path.
Please note that the trade calls are the authors opinions based on technical analysis and hence readers are requested to do their own in depth study before investing.
