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What’s the next target after BTC’s rise above $41K?


The recent unexpected price action in the market has led to some positive changes in sentiment. However, there are many analysts who have remained skeptical due to the uncertainty at the macro level. Here we discuss the key technical confirmations for a medium term trend reversal and examine the holders behavior during the recent price drop to $32.9K. Technical analysis by: Grizzley long term Most technical analysts believe that consolidating the price below the weekly Ichimoku cloud is the end of the bitcoin bull run, otherwise it will not be easy to recover to the levels in the short term above. A weekly candlestick closed under the cloud two weeks ago. But then the uptrend started, which prevented the price from staying below the cloud any longer. This does not mean that the uncertainty about the positive momentum is over. At the moment, the prize is struggling with the Kijensen, who often plays as resistance. Nevertheless, crossing this dynamic resistance (~$43K) could send a positive signal to technical traders/analysts in the market. Source: TradingView Short term: On the 4 hour time frame, the intersection of the dynamic resistance (marked by the yellow line) and the POC line (marked by the red line) is interesting. The recent candlesticks show the weakness of the unexpected uptrend that started the day before. Bears tend to dampen upward movements and the bulls support retracted areas. The general rule is that crossing this zone and forming a higher high usually translates into confirming the reversal of a downtrend. Source: TradingView Onchain Analysis: By: CryptoVizArt In light of the market structure, it took bitcoin 14 days to regain the $41.3K level. If we examine the percentage of the supply with a profit, during this correction to $32.9K, only 6% of the supply changes hands. This small change in the percentage means that the incentive to hold stocks has been dominant of late. This observation, compared to many previous similar events, can confirm that the illiquid supply in the market is unlikely to be leveraged on exchanges due to the short-term volatility. In other words, the identity of long-term holders has changed significantly over this cycle. Source: CryptoQuant SPECIAL OFFER (Sponsored) Binance Free $100 (exclusive): Use this link to register and get $100 free and 10% off Binance Futures first month fees (conditions). PrimeXBT Special Offer: Use this link to register and enter POTATO50 code to get 25% discount on trading fees. Disclaimer: Information found on CryptoPotato is that of quoted writers. It does not represent CryptoPotato’s views on buying, selling or holding any investments. You are advised to do your own research before making any investment decisions. Use information provided at your own risk. See Disclaimer for more information. Cryptocurrency Charts by TradingView.
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