Is the demand still present in Bitcoin?
1D
For the past few days the bitcoin price has been falling. However, this is no reason to be alarmed and believe that the market is going to fall. Last week we used the Wyckoff method to analyze the price and discussed that BTC could first have a target in the $ 8,000 and $ 9,000 range, before seeking to break the $ 10,000 barrier again. You can read the article here (in spanish)
This does not mean that the demand is not present. One hypothesis is that this movement, although it appears to be a bearish process, is actually a partial abandonment of demand to test supply.
1D
The movements indicated in red with the naked eye must appear aggressive in favor of the bears.
1D
But when we put more detail in the context, we observe that these movements, despite lowering the price, have not generated the desired effect for the offer.
1D
Large reversals can be seen that are unable to pierce the level of $ 8,765, a price that consolidated demand since the session of April 29, 2020. Every time supply tries to approach this level, demand enters, pushing back the offer (marked in blue).
1D
Bitcoin remains in that range of which we speak. Some would rather take advantage of the intraday rather than vacillate with weekly or daily position swings. Market sentiment remains bullish and very important CEOs, like Kraken CEO, Jesse Powell, are bullish and positive on the bitcoin outlook for this and the coming years.
1D
As I have already said in other articles, I reiterate, I believe that blockchain is the future, but trading and investments are another story. The price is given through processes and with factors that allow it to develop.
Trading Capital - First Spanish Speaking Community for Traders in Steemit
join here STEEMIT
Alejandro Aristeguieta
CEO in Aristeguieta Capital.
Investment Firm and Financial Analysis.
to me the demand in bitcoin will keep on growing
Yes, it seems so. I think the professionals are sweeping the weak hands, holding on.
It's just a matter of time.
Thanks for participating.
You got a 33.33% upvote from @votemypost Send any amount of Steem to @votemypost with your post link in the memo for a proportional upvote. Earn a passive income by delegating Steem Power to @votemypost
If you are looking to earn a passive no hassle return on your Steem Power, delegate your SP to @votemypost by clicking on one of the ready to
delegate links:
25SP | 50SP | 75SP | 100SP | 250SP | 500SP | 1000SP | 2500SP | 5000SP
Another Amount
You will earn 85% of the voting bot's earnings based on your delegated SP's prorated share of the bot's SP each day! You can also undelegate at anytime.
This post has received a 20.67 % upvote from @boomerang.
You got a 14.29% upvote from @minnowvotes courtesy of @ale.aristeguieta!