Bitcoin Price Action: Looks like we got it right! is written by Rafael Motta, in-house writer for 21Cryptos Magazine. For more content like this, subscribe to our publication today.
Let’s continue our review last week and, even better, bringing good news!
It’s beautiful to see how the market “dances” around Fibonacci zones. At the time this analysis was made, the 0.5 zone was breached and prices tend to pursue our most conservative selling target (witha bitcoin price of around $ 8850 at 0.618). Already hit $ 8810 as we speak, confirming it by approximation.
Those who entered at the time reported by us ($ 7950) are already enjoying a return of about 9%. Those who entered with leverage of only five times had gains close to 45%.
It should be noted that both the Relative Strength Index (IFR) and ADX show clear buying strength at this time, in addition to the favorable buy volume indicator, illustrated below the candles.
For those who have not entered yet, this is a medium-term no-trade zone, as a sharp correction can occur at any time. After all, it is well known that after considerable spikes like this one, more expressive corrections are expected.
The Golden Cross that started on January 5 was later confirmed, further strengthening the bullish trend for bitcoin that started.
The red sign was lit after reaching the $ 8850 mark. We do not recommend entering at this price under any circumstances. At least for a while. Should the scenario change, we will publish an emergency review.
Stay tuned for future updates. Be seeing you!]
