Bitcoin (BTC) Price Prediction: Key Levels BTC Must Overcome to Confirm Growth
If you want to be part of a new trend from the get-go, then you should pay attention to the price structure that you will find in this article.
Bitcoin (BTC) Price Prediction: Key Levels BTC Must Overcome to Confirm Growth
Overall Picture
Forming a Trend
Other Confirmation Signs
BTC against USD
Overall Picture
As always, let's start with the daily chart to see how the general situation is for Bitcoin (BTC).
From a simple perspective, we can recognize the fact that BTC's price has been holding below the 30-day moving average, or in layman's terms, the average monthly price. This means that the bears are maintaining control, for now.
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Of course, December 21st had a bullish engulfing pattern. Some could even say that it's all about the double bottom, but we would like to keep it simple as we said before.
Everyone knows that the money is mainly made from trends. So, let's try to find a trend.
Forming a Trend
Looking at the chart below, you will find how the current market tries to form a bullish structure. How do we find out about the formation of such a trend? A trend is confirmed when lows and highs are ascending, a minimum of two times from both sides.
If the price is pushed above the local high without breaking the previous low, then congratulations is in order – we are in a local upswing.
BTC against USD
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Other Confirmation Signs
To understand BTC's price prediction in a long-term scenario, check out the article here. Now let's take a look at how Bitcoin strengthens its position over other altcoins. By the way, you can use the same trend determination method.
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When do you think the 68% level will be broken?
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Dmitry Zhyhalkin
David