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Bitcoin: Short & Long Term Price Analysis

The long term trend hasn’t changed. The price is still below the Ichimoku cloud. There is a possibility that the price formed bottom at around 15 - 16K but needs to be confirmed. There is a long way to go for a major reversal and new bull market in crypto.

The 1D chart is extremely overbought. In a major downtrend, this is an extremely dangerous place to enter the market. Pull back is needed for a healthy continuation of an uptrend . Many coins more than double in this mini rally and I am sure many day traders will secure profits. For holders, the majority of alt coins are still down 90% since the 2021 peak. Anytime, in the next few months is a good time to pick up an extra bag.

The 4H time frame , showing a divergence. I expect some pull back forced by taking profits. How far it will retrace , only time will tell. The important levels to watch are 15 -16K. If the price breaks below these levels we will see further weakness in the crypto market.

Buy BTC?

Please note, we’re not offering any financial advice. It’s worth researching the topics of cryptocurrency, trading, and investing on your own or reaching out to professional advisors.

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