Bulls are preparing in Bitcoin
In the last bitcoin article, we discussed how demand was still present on the playing field during current range formation. And we clarify that the supply movements did not finish producing the desired effect. You can read the article here
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In the article mentioned above we also commented that the price maintained a decreasing sequence and that the demand would seek to go through this sequence to find a change in the cycle. Indeed, it is what the price is doing right now.
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The bulls have defended the critical price so far (marked in red at 9,235$), but they do not have the entire terrain won, despite a partial depletion in supply.
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It is still up to them to consolidate the price above the first bid block before it can settle above 10,000$
The demand is still present in the price, but as I always say, the price needs time to develop and express itself. Demand continues to sweep weak supply that is still in the game.
The professional does not need anyone against him to chart his way in the direction he wants. The institutional trader works based on the creation of the market and not on its direction. This is what dictates when the time is right to move in the right direction.
All images are my own using TradingView charts
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Alejandro Aristeguieta
CEO in Aristeguieta Capital.
Investment Firm and Financial Analysis.
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