Where is Bitcoin going|How is this going to play out in the next couple of days?
Today’s we’re going to dive into some of the more important news on Bitcoin, happening in this week of April as we’re heading into the heart of the Corona virus epidemic with various indicators showing that Bitcoin could potentially be turning to the upside based off my analysis on fundamentals and some of the macro perspectives.
This is going to be the one of the most profitable months in 2020, as we’re establishing some bottoms in many of the alt coins.
Bitcoin has done extremely well these last couple of weeks in fact starting since March 13th Bitcoin has rallied a whopping 50%.
Since then so many people who are saying that bitcoin is not the place to be, they’re saying that bitcoin is not the hedge against this market they should really look into it, because it’s been outperforming the stock market, gold and any other asset class you can think of and more importantly Bitcoin established a low of about 3900, not a while back in March, about 4,000 and now it’s almost doubled again.
so I think the Bitcoin is definitely heading a lot higher and I think that Bitcoin has once again regained its mojo alright so let’s get started with this first thing I want to show you guys is if we take a look at Bitcoin when it was established that low around 3900, it went ahead and got a little lower. It dipped around 5,000 and then now we’re sitting at 7,000 and changing.
If you actually take a look at that load that was established here we’ve already risen about 40% from those lows, so again here is the thing I want people to understand, bitcoin is here to stay.
Bitcoin is going to be the ultimate hedge against inflation that’s a 40% return if you were accumulating around this level. So that’s a very nice percentage, something that I’ve been definitely saying, telling people average down, as you’re heading into this slide.
Do not try to time the bottom, if you do that you’re going to miss majority of those gains. However if you missed that bottom which you’re actually now seeing is a slow grind to the top and this is where I get very bullish.
I think that the market is going to hit higher and what’s happening around the corner, this has already established a very nice short-term bottom that I think is going to push Bitcoin to 8,000 from these levels and possibly to 9,000.
This is one of the more bullish indicators that I think is happening with Bitcoin and the people who are still naysayers about it are not understanding that bitcoin is very resilient to the very things that are happening right now with the financial markets.
Now to put this in perspective let’s assume the Bitcoin is in a bear market and it continues to a little lower even before that Bitcoin is probably going to end up and take a trip up here to 9,000 that’s about a 20% return from these levels, which means that even if it does not end up going higher, it could end up being at that 9,000. So behind that 8,000 very careful we’re almost there. we’re not really too far off or about 10% away. If we do get a rally tomorrow, most likely we’ll probably blow that out and hit that 9,000 mark and at that point we may end up going lower if the market does not cooperate.
Understand that we are still in a downtrend, I always look for profit potentials and I always look for areas of resistance so to be on the safe side I would say that from this point forward we have about an 18% trading range where Bitcoin could potentially top out.
I can’t predict the future but I can tell you the probabilities. We are in a short-term intermediate uptrend area that is good enough for me to trade. Obviously the best trade would have been here around March 19th March 20th when we established that low on Bitcoin. We had that heavy volume selling off on this big candle. Many people were scared, they did not want to buy it and at that point people probably lost a lot of money but now we’re seeing this nice retrenchment all the way backup.