It’s open season on bears in the Bitcoin market — the BTC bulls got to do their favorite thing and say “ I TOLD YOU SO” to all the haters.
This week's BTC price finally ushered in a historic moment. Most long-time traditional market traders said Bitcoin is bullish, but surpassing 20000 USDT is very difficult. On Wednesday, the market broke through the 20,000 USDT mark, and then it went out of control.
What happened?
The highest price on Thursday has risen to 23,850 USDT. At present, the RSI indicator 4 is already in the overbought reading, but it does not show a significant drop. The significant drop may appear until the RSI bullish divergence, so there should be a wave of rising near 23,000 USD. Maybe BTC The price will hit a new high again.
“Having said that, our fundamental work shows that Bitcoin should be worth about $400,000.”
According to the company’s chief investment officer, Scott Minerd, there will be a high price tag in the future.
what will happen?
Until now, there is no sign of BTC peaking, so catching the top price is a dangerous way of trading before the top reverse pattern appears. The current market sentiment is also relatively high. 20,000 USDT is an important resistance level. After it breaks above 20,000 USDT, most users will attract by the recent rise which will cause more holding than selling. When there is less selling order in the market, so as long as a buy Involvement in the market occurs, the price will be raised quickly, and the raised price will be spread quickly, which will lead to more buying intervention. Once the price breakthrough 20,000 USDT resistance, there will be no hinder for the increase, so what will happen in the future? You can imagine.
The price on Saturday and Sunday may be volatile. If it breaks through 23,850 USDT, there may be an accelerated increase. The specific increase is currently unpredictable, but we can pay attention to whether the RSI indicator will have a bearish divergence in 4 hours. If there is a bearish divergence, users can leave the market in time, then wait for a better chance.
Remember that a bearish divergence does not mean that the trend will reverse. You must wait patiently for a reverse pattern similar to the M pattern or head and shoulders pattern at the top to confirm the market reverse. Before the pattern forms, just dip in the long.
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