Last time I analyzed Bitcoin I was sure that insane long will be this week, but again the market want to give us this opportunity later. It's not a big problem because I gave you 2 altcoins - ADA and DOT which have already given us this signal. I have already bought it and it's nice that the Bitcoin is going to pump a little bit - it give the opportunity for these altcoins to realize it's potential. Let's go to the Bitcoin analysis.
Let's take a look at the 1D timeframe BTCUSDT chart of the WhiteBit exchange. The most significant thing on the chart is the demand zone or support level. I think even blind have already noticed it. Also I suppose that almost every trader thought that this zone have to be broken down because Bitcoin have it's multiple tests. Here is the first trap. The market have to give traders the illusion of the bouncing to the upside. The point where the crowd think that the BTC is going to go higher is breaking through of the significant high. This high now is located at $20500 next to the October's central pivot range.
Moreover the countertrend line is also placed next to the current prices. In case of the breakout traders will execute their long trades because it would be the "breakout of the decade!". In my opinion price will reach $20800 to make people optimistic and after that we will see our final dump. At this time altcoins which have already gave us the insane long signals could even not set the new lower low and our current position will be preserved.
Best regards, Ivan
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