What is happening with the Bitcoin?

What is happening with the Bitcoin?

February 11, 2022
1 year ago

What is happening with the Bitcoin?

Let's put up a chart of the Bitcoin and analyze what is going on, and above all where are we?

In the chart above we see the daily Bitcoin price for the last year. The first half of 2021 the BTC was clearly manipulated by Elon Musk with his announcements of acceptance and NOT acceptance of BTC in order to purchase his cars (Tesla).

August saw the end of a long accumulation process that had started with the panic bar on May 19 (fig 1). This accumulation took Bitcoin to the all-time highs where there were two attempts to escalate the price, but professional money aborted them with two reverse bars (fig 2). ART9_1.png ART9_2.png From that point on the BTC lost value in a perfectly structured Elliott wave fashion, initially with a 1,2,3,4,5 structure (fig 3) which turned into a larger 1,2,3 structure (fig 4).

ART9_3.png ART9_4.png

At that point a new Distribution structure was initiated that took the BTC into a wave 5 that was not complete.

Just at that point the Demand appeared on the January 22nd bar (fig 5) to prevent the fall taking the price to the current situation, where we have broken the short term bearish trend line, this break has been successfully tested on the February 5th bar, so we will expect higher prices. ART9_5.png

As long as the Offer does not appear in a massive way we should expect higher prices. The complicated areas that BTC is going to encounter on its way up are:

1.- Climatic close around 49.000. 2.- Top of the last trading range of Distribution Trading in the area of 52,000. 3.- Zone of historical highs in the area of 65.000.

Finally, we want to remind you that you can improve your Trading in the best way with the Masterclasses of Canal Trader, with 40 financial training sessions full of formative and human quality, which will help you to order and structure the market with head.

We hope to have helped you once again, may the market be with you!

Historical highs in the area of 65.000 Jordi Martí .



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