Bitcoin (BTC/USD) has managed to break above the psychologically round leve of $50k. Can the cryptocurrency challenge the previous high again?
Let’s review the long-term charts to analyse the remainder of the year 2021. Will the 2021 bull run outpace the 2017 bull run?
Price charts and technical analysis
The BTC/USD is showing a strong bullish recovery after a deep bearish pullback:
-
Price action has managed to break above the 21 ema zone again.
-
The bullish momentum is expected to challenge the previous top (blue arrow).
-
The previous top is a strong resistance zone and could stop the uptrend.
-
A bearish retracement (orange arrows) could complete an ABC (blue) in wave 4 (pink).
-
A bullish bounce (green arrow) could take place at the support zone (green box).
-
A bull flag pattern (grey arrows) however indicates that the immediate uptrend remains valid. In that case, a wave 4’ finished at the recent low.
On the daily chart, we see that the bullish momentum is strong because price action remains above the 21 ema zone for a long time:
-
The bullish price swing is either a wave C or 3 (orange).
-
This depends on the price reaction at the resistance zone (red box).
-
A bearish reversal (red arrow) indicates a wave C and more bearish correction.
-
A flag pattern (grey arrows) indicates a wave 3 continuation.
The analysis has been done with the indicators and template from the SWAT method simple wave analysis and trading. For more daily technical and wave analysis and updates, sign-up to our newsletter
Elite CurrenSea Training Program(s) should not be treated as a recommendation or a suggestion to buy or sell any security or the suitability of any investment strategy for Student. The purchase, sale, or advice regarding any security, other financial instrument or system can only be performed by a licensed Industry representative; such as, but not limited to a Broker/Dealer, Introducing Broker, FCM and/or Registered Investment Advisor. Neither Elite CurrenSea nor its representatives are licensed to make such advisements. Electronic active trading (trading) may put your capital at risk, hence all trading decisions are made at your own risk. Furthermore, trading may also involve a high volume & frequency of trading activity. Each trade generates a commission and the total daily commission on such a high volume of trading can be considerable. Trading accounts should be considered speculative in nature with the objective being to generate short-term profits. This activity may result in the loss of more than 100% of an investment, which is the sole responsibility of the client. Any trader should realise the operation of a margin account under various market conditions and review his or her investment objectives, financial resources and risk tolerances to determine whether margin trading is appropriate for them. The increased leverage which margin provides may heighten risk substantially, including the risk of loss in excess of 100% of an investment.
Recommended Content
Editors’ Picks
Celebrity meme coins controversy continues amid Pump.fun revenue dominance
Pump.fun outperformed the Ethereum blockchain on Tuesday after raking in $1.99 million. Following this achievement, a meme coin based on actress Sydney Sweeney was the subject of controversy after its developers dumped their bags on investors.
PEPE's on-chain metrics indicate potential rally after weeks of silence
PEPE has struggled to see any significant price move after reaching an all-time high in May. Increased adoption rate and low MVRV ratio indicate a bullish run may be on the horizon. A single PEPE outflow from Binance worth $14.7 million gives credence to signs of bullish expectation.
Ethereum has failed to overcome key resistance despite bullish sentiment surrounding ETH ETF
Ethereum (ETH) is down more than 1.4% on Tuesday following another ETH sale from the Ethereum Foundation. Meanwhile, crypto exchange Gemini's recent report reveals that ETH ETF could see about $5 billion in net inflows within six months of launch.
Crypto community blasts Polkadot following report of treasury spending
Polkadot reports $87 million of treasury spending during H1. Crypto community members expressed harsh feelings toward the DOT team's high spending. DOT is up more than 2% in the past 24 hours but risks correction following the report.
Bitcoin: BTC price correction could end in July, according to seasonal data
Bitcoin (BTC) price appears poised for a decline this week, influenced by slight outflows in US spot ETFs, selling activity among BTC miners, and a combined transfer of 4,690.28 BTC to centralized exchanges by the US and German governments.