Bitcoin Forecast: Turn Holdings into USD to Buy Lower
Those in the western hemisphere woke up to bad weather and even worse Crypto portfolios. Bitcoin during the Asian Market suprised us all by closing 4% down on the day. Those who were bullish – including Nouvive were seeking to see Bitcoin build its way up above $5700 – not crash below the Day lows. Nouvive see Bitcoin attempting to claw its way back to Mid $5300 before re-testing $5170.
What does the Technical Analysis Say?
- Bitcoin re-tested the $5150 level three times unable to go below it. This occurred every hour for three hours before seeking to move up.
- Potentially the move up can be seen as a Stop Run for Market Makers seeking to get a better position before we test $4800.
- Nouvive and Nouvive Intelligence has found that the best time frame to see the market is 45 Minutes
- On that basis – we can see Bitcoin rising to the 15 Moving Average at $5357 before falling to $5078.
- Interestingly when Bitcoin tested $5178 for the second time, there was a large spike in accumulations with the majority closing at just above $5317.
- We could see a further Bitcoin stop run with momentum from the MACD cross-over to $5407 before we fall. Nouvive rates this MORE THAN LIKELY.
Ultimately Nouvive recommends prudent investors to turn all their holdings into USDT or equivalent USD value denominations to buy the dip in coins.
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