BTC facing the resistance of the market in a great way.

in Project HOPE2 years ago

Greetings to all readers of this great platform, especially to those who make life actively within the great community of #ProjectHOPE, in the present opportunity I want to share with you information related to BTC, and its market behavior, where once again it is doing things as it should do them, facing a market that really worried a lot but again it resumes the right path and in my consideration the accumulation zone was confirmed.


Screenshot taken at: PixaBay

First of all we must remember that the crypto market faced some gray days after losing the 22k zone a few days ago, with this situation we really saw a market that could fall back to 16k situation that was not going to be very favorable for the near future of the crypto market in general, starting with the behavior that the BTC was having being the main token that as many already know is who guides all other currencies in their behavior against market changes.

A few days ago I had made a description of the possible behavior that could have the market in the coming days, due to the recovery that had and as it looked a market with great strength, in the same I traced a zone, which today is being fulfilled, as the BTC is in the upper zone of its current side channel, which faces a great resistance in those 28k of the price which I highlight with a red box, and the market has practically 3 days stagnant there.



Under this perspective, seeing that in 3 days it was not able to overcome the area, the market must make its respective correction, this in order to seek new investment, so it should make a retreat to its high support area, this area for me will be in the area of 24k to 22k at most to resume investment and again a great momentum, to confirm its new path, and must have a low point that must be higher than the last low it had in the previous movement.

The previous low was in the area of 19k in terms of this current movement if his return becomes approximately in the 24k momentum will take us to an area that can exceed the maximum that was currently, ie exceed those 28k and seek again to accumulate a few more days in a new area or distribute at a higher point to continue with it the market movements, which is possible to see a market in continuous recovery and in a correct or ideal way you could say.

Each one of the movements lasts between 7 to 14 days which is what it has done in its first almost quarter of the year, so the current zone may still have 1 more week or begin the correction in case the strength of the market is not enough to stay there, so we will see a market correction in the coming days, considering this take into account what may be the strategies that each of you want to put together against the possible scenarios of the crypto market.





All the images used by the Author @Chucho27 are Public Domain, in each one of them you can find the source of the image.

The image used in the banner at the bottom is by the author @chucho27, made using the Canva application.

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Hi @chucho27

Good point, I agree with you I think the market is shaping up to consolidate a sideways accumulation zone, and this is a positive thing since we are coming from a bearish channel, so, the exit of the sideways zone will mean a potential breakout in a bullish direction.

Best regards, be well.

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