TradingView Column: Bitcoin Parks at $30,000 Level

After a busy week and a fight to lose the benchmark for Bitcoin, $30,000, the market stabilizes confluent with global expectations. Calm cryptocurrencies for now.

Dollar Stocks

BTC continues to be consolidated after a sharp drop in the last 20 days, or since it found the Queen – 200-period Arithmetic Moving Average. Almost 2 months ago. That’s it, the price goes to the 20-period moving average or the moving average meets the price – as it is happening.

Will it be a bottom consolidation waiting for MMA20 to arrive to continue the downward movement?! Will it be a consolidation to go up again?!

MMA20 is still strong in decline and even guiding prices and giving impetus when exiting it. Fibonacci target also set at 161.8%. The asset is cheap. However, buyers need to enter for the joy of those bought in this fund/support. And yes, it can fall further! (See more about Bitcoin).

Gustavo Correa

We have on the screen a graph of 2 days, a EMA 21 and one IFR with an EMA14

Note that I identified in the white circles, areas of clear accumulations. They took place above EMA 21. And not IFR above the emu 14. So both the price and the IFR crossed below their EMAs and this generated a price dump.

Now notice the yellow circle in the middle of the graph. He’s in a background. Below EMA 21 and the IFR below the EMA14. Soon, the price breaks up and generates a strong impulse wave.

Now notice the yellow circle inside the current price on the right of the chart. Can you see any similarities? YES! Once again the price is below the EMA 21 and the IFR below the EMA14.

The obvious question is: Are we going to have a new wave of strong momentum, as we saw in the last yellow circle? If so, is it the start of a new bull run? (See full analysis).

Leandro Sander

I had a different count up to November before I failed the previous top breakout, shortly afterward I considered us to be on a wave 2 in an intermediate cycle with That Expanded Flat feature.

That expectation failed and the possible corrective wave 2 for a new bullish leg got too deep and I went back to watching the whole movement of the BTC like a large top rectangle or even a gently sloping bull channel.

So, I followed with doubts about a RUNNING FLAT famous drift pattern or the EXPANDED FLAT, this time both for a wave 4 of the weekly chart. Now it has been defined that we are not in a Running flat, because we have a lower bottom and the asset has lost the diagonal characteristic of a sloping channel. So we have the possibility of moving an EXPANDED FLAT.

This is confluent with the weekly 200 moving averages, both exponential and simple, which have often been support zones for prices historically speaking.

The rule of alternating waves of Elliott says that: one corrective wave must be different from the other, in a nutshell if wave 2 of this weekly bullish cycle made a more abrupt correction in price (covid-19 with a zigzag on WXY), so we expect on wave 4 a more sideways correction in time on a broad ABC. (See dynamic graph).

Allan Jhones

The DOT price over the weekend managed to break out of the LTB (downtrend line) trajectory that had been putting pressure on the price for the past few days and highlighted here in the latest analysis. Now, on the H4 chart, we see that the 90-period moving average is just above the price and will be a relevant resistance, but a break from it should accelerate the bullish movement, which may intensify as the indicator shows. MACD advances in the positive scenario. A break with the 90 average at the 10.50 point should take the price to 12, while the strongest level will be at 14, where the 200 average is. (See more on DOT).

Disclaimer: The analyzes presented here are studies only. They are not investment, purchase or sale recommendations, nor do they reflect the opinion of the media vehicle in which they are being published. These are studies aimed at people with knowledge and experience in the financial market.

Our Authors: Dollar Stocks, Gustavo Correa, Leandro Sander and Allan Jhones.

Also read: Stellar and Mercado Bitcoin close partnership for Real Digital

Read also: Brazil and the US exchange technical information to fight cryptocurrency crimes

Also Read: “USDT Needs No Tricks or Yield Promises,” says Tether CEO

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