Bitcoin Chart Analysis: This Is The Key To An Epic Move
Bitcoin continues to be stuck in a trading range between 9,000 and 10,000. Bitcoin chart analysis signals the consolidation range is bullish but it is important to remember that the big move will not truly begin until a major trend line is broken to the upside. This trend line is found easily by connecting the all-time highs near 20,000 back in December 2017 and the secondary high pivot of 14,000 in June 2019. By connecting those two points, the exact high of from June 2020 is given just over 10,000. Bitcoin continues to trade under that level. For crypto traders, look for that break-point to kick off an epic move back to 20,000 and beyond.
The environment of money printing in the trillions continues for not just global governments but central banks as well. This is exactly why cryptocurrency was created. Look for money flow to start moving from stocks into the lagging crypto market and a breakout likely within the next month. Check out the Bitcoin chart analysis below.
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Disclosure: None.
Bitcoin despite what people think does not move based on dollar or any other type of depreciation. It moves based upon the dynamic of its industry and news about itself. It is unfortunate that there are so many crypto currencies because this acts as a devaluation in the whole market which takes away money going to the existing crypto currencies. This sort of "devaluation" far exceeds the devaluation the US dollar is going through.
Hopefully, the new coin issues are slowing down. This I think is reflected in bitcoin's price stabilizing.