Now what's happening with the price of bitcoin?

in SteemLeo4 years ago

2020-07-09t133036z1lynxmpeg6813jrtroptp4health-coronavirus-cryptocurrencies

The price of bitcoin has reached a maximum of $ 12,500, causing furor among retail traders and news portals, which weeks ago could not see that since April 29 the professional demand had consolidated in the price of $ 8,700 and the $ 9,100.

If we wanted to go further back to actually find in the genealogy the entry of this professional suit, we could. What the price shows is a process that has developed in a particular context and carries some particular symptoms with it, which have produced certain effects, desired or not, generated by the intentions of professionals.

For example, the movements generated on April 29 and July 21 are the cause of a professional movement that has been preparing since March 12. Likewise, the movement generated on July 27 is the result of what happened in the sessions of both June 11 and July 20. Since the July 27 movement validates this professional demand, the demand has been in charge of sweeping the weak supply out of the market.

zsJBElBU

SogT9xs9

We could take some necessary signals to continue with a run up in price. There is a professional accompaniment. The money of the institutional must remain on the table, maintaining the creation of a bullish market.

Now the demand must begin to test the offer that exists at these new price levels, which is a professional offer that has kept the structure of bitcoin within a sequence of decreasing highs since June 26, 2019. It has to validate the movement generated on July 27 and consolidate the price of $ 10,900 before this professional offer.

7weHL4do

These are some signs that show that the cause of demand continues and that there are indeed intentions to continue looking for higher levels. Because this movement does not mean that the price will continue to rise just because. It only validates the interest that exists for the creation of a bull market in the asset.

Bitcoin is a fascinating asset, but like everything else it must respond to the natural laws of the market. At Trading Capital we have rigorously monitored this asset. And we have specified and explained the reason for these movements and their possible variations.

Warning: Trading discipline and assets like bitcoin are high-risk activities that involve the handling and loss of real money. These articles are not an invitation or proposal to carry out a commercial operation. The operations that you carry out are taken at your own risk and responsibility.

logo3

Trading Capital - First Spanish Speaking Community for Traders in Steemit
join here STEEMIT

Follow my personal account for more updates: @ale.aristeguieta

Alejandro Aristeguieta
CEO in Aristeguieta Capital.
Investment Firm and Financial Analysis.

Edition: Jesús Lanz - Editor in chief of Aristeguieta Capital.
Instagram: @ja.lanz.b
Sort:  

This post has received a 22.36 % upvote from @boomerang.

Coin Marketplace

STEEM 0.35
TRX 0.12
JST 0.040
BTC 70797.92
ETH 3553.00
USDT 1.00
SBD 4.76