Saturday, March 6, 2021
Only Bitcoin Market News
Advertisement
  • Home
  • Bitcoin
  • Market
  • Cash
  • Price
  • Beginners
  • Gold
  • Private
  • Cryptos
  • investors
  • Technical
  • Crash
  • spam
  • stock
  • Blockchain
  • Videos
  • Home
  • Bitcoin
  • Market
  • Cash
  • Price
  • Beginners
  • Gold
  • Private
  • Cryptos
  • investors
  • Technical
  • Crash
  • spam
  • stock
  • Blockchain
  • Videos
Only Bitcoin Market News
No Result
View All Result

Continues to Show Bullish Behavior

2 weeks ago
in Technical
2 min read
Share on FacebookShare on Twitter


Waiting for some type of value is probably the more responsible way to trade, but that is not exactly what Bitcoin is about most of the time.

The bitcoin market initially pulled back a bit during the trading session on Thursday to reach down towards the $51,000 level. The 51,000 level sits just above the crucial $50,000 level, so of course it will have attracted a bit of attention. The candlestick looks a bit like a “hanging man”, but it is not technically one until we break down below the bottom of it. That being said, it is very likely that we are going to continue to see a “buy on the dips” type of scenario in a market that is clearly running away. I do not like chasing markets like this, so I would be a bit hesitant, but it is obvious at the very least you cannot be a seller.

The $50,000 level is a large, round, psychologically significant figure, and now that we have broken above there, I think the idea of being above the $50,000 level is a lot less shocking. The volume is dropping a bit, so that does bring up a little bit of a red flag, but I think that the market has plenty of support down to the $45,000 level so you want to see some type of pullback and a bounce to get involved in.

To the upside, now that we are broken out of a $10,000 consolidation area between the $40,000 level and the $50,000 level, it extrapolates for another $10,000 after the breakout, giving a short-term target to the $60,000 handle. What I fear about this market is that sooner or later there will be a correction, and it will probably be pretty nasty. That being said, if you are a longer-term investor, you will probably look at that as an opportunity to add to your position. The 50 day EMA is all the way down at the $35,000 level, showing just how overbought we are, although a lot of bullish fundamental reasons have recently been stated as to what Bitcoin should continue to go higher. Nonetheless, gravity sooner or later comes back into the picture, and this market is overdone yet again. Simply waiting for some type of value is probably the more responsible way to trade, but that is not exactly what Bitcoin is about most of the time.

BTCUSD





Read more:Continues to Show Bullish Behavior

Related articles

DMG Provides Positive Business Outlook, Raises Self-Mining Compute Power Target

DMG Announces Closing of Cdn$70 Million Private Placement Offering with Institutional

March 6, 2021
Bitcoin Elliott Wave Analysis – FXStreet [Video]

Bitcoin Elliott Wave Analysis – FXStreet [Video]

March 5, 2021
Tags: Behaviorbitcoin news todayBullishcontinuesshow

Related Posts

DMG Provides Positive Business Outlook, Raises Self-Mining Compute Power Target

DMG Announces Closing of Cdn$70 Million Private Placement Offering with Institutional

by Bitcoin Market
March 6, 2021
0

NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES VANCOUVER, British Columbia,...

Bitcoin Elliott Wave Analysis – FXStreet [Video]

Bitcoin Elliott Wave Analysis – FXStreet [Video]

by Bitcoin Market
March 5, 2021
0

Bitcoin  (BTC) & Ethereum (ETH) Technical analysis Elliott Wave. Overview: Bitcoin and Ethereum can be viewed with two wave...

Hard Fork in Cardano Spurs Speculative ADA Buying

Hard Fork in Cardano Spurs Speculative ADA Buying

by Bitcoin Market
March 5, 2021
0

ADA/USD has come off of its late February highs and speculators are likely looking at short-term support levels with...

Bitcoin Optech: Bitcoin Technical Updates Newsletter #138

Bitcoin Optech: Bitcoin Technical Updates Newsletter #138

by Bitcoin Market
March 4, 2021
0

The Bitcoin Optech newsletter provides readers with a top-level summary of the most important technical news happening in Bitcoin,...

Bitcoin Heading Northbound as BTC ETF Holdings Surge

Bitcoin Heading Northbound as BTC ETF Holdings Surge

by Bitcoin Market
March 3, 2021
0

There has been yet another update I’d like to point out, Square Financial, the owner of the Cash App...

Load More

Trend Now

  • Trending
  • Comments
  • Latest
Crypto-Powered Social Media Platform Voice Planning Launch for July 4 | CryptoGlobe

Crypto-Powered Social Media Platform Voice Planning Launch for July 4 | CryptoGlobe

June 8, 2020
Argo Blockchain boosts mining margins in July

Argo Blockchain boosts mining margins in July

August 5, 2020
J.K. Rowling Twitter Storm shows the Crypto Ecosystem Needs to Mature – CityAM

J.K. Rowling Twitter Storm shows the Crypto Ecosystem Needs to Mature – CityAM

May 19, 2020
5 Cryptocurrency Staking Providers – A Review | Hacker Noon

5 Cryptocurrency Staking Providers – A Review | Hacker Noon

January 30, 2021
North America’s first bitcoin ETF launches in Canada today

North America’s first bitcoin ETF launches in Canada today

February 18, 2021
Institutional investors see Bitcoin holding US$50,000 suggests ETP provider

Institutional investors see Bitcoin holding US$50,000 suggests ETP provider

February 18, 2021
Polkadot and staking: New frontiers in blockchain development

Polkadot and staking: New frontiers in blockchain development

0
Bitcoin daily chart alert – Bullish chart pattern develops – May 19

Bitcoin daily chart alert – Bullish chart pattern develops – May 19

0
Calvin Ayre Invests in True Reviews: A New Take on Consumer Review Sites Built on the

Calvin Ayre Invests in True Reviews: A New Take on Consumer Review Sites Built on the

0
J.K. Rowling Twitter Storm shows the Crypto Ecosystem Needs to Mature – CityAM

J.K. Rowling Twitter Storm shows the Crypto Ecosystem Needs to Mature – CityAM

0
Crypto.com’s MCO Visa Cards Are Now Shipping In Europe – Fintech Singapore

Crypto.com’s MCO Visa Cards Are Now Shipping In Europe – Fintech Singapore

0
Elon Musk tried to explain Bitcoin to JK Rowling on Twitter and this happened

Elon Musk tried to explain Bitcoin to JK Rowling on Twitter and this happened

0
Polkadot and staking: New frontiers in blockchain development

Polkadot and staking: New frontiers in blockchain development

March 6, 2021
The Best Bitcoin IRA Companies for 2021

The Best Bitcoin IRA Companies for 2021

March 6, 2021
HWI And Hardware Wallet Integration In Bitcoin Core

HWI And Hardware Wallet Integration In Bitcoin Core

March 6, 2021
Market Wrap: Bitcoin Stuck Below $50K, and Blockchain Data May Show Why – CoinDesk

Market Wrap: Bitcoin Stuck Below $50K, and Blockchain Data May Show Why – CoinDesk

March 6, 2021

China’s Plan for Digital Yuan Imperils Bitcoin’s Biggest Markets – BNN Bloomberg

March 6, 2021
22% of Goldman Sachs clients expect bitcoin to exceed $100,000 in 12 months

22% of Goldman Sachs clients expect bitcoin to exceed $100,000 in 12 months

March 6, 2021
  • Contact Us
  • Terms of Use
  • Cookie Privacy Policy
  • Privacy Policy
  • DMCA

© 2020 MarketForBitcoin.com

No Result
View All Result
  • Home
  • Bitcoin
  • Market
  • Cash
  • Price
  • Beginners
  • Gold
  • Private
  • Cryptos
  • investors
  • Technical
  • Crash
  • spam
  • stock
  • Blockchain
  • Videos

© 2020 MarketForBitcoin.com

  • bitcoinBitcoin(BTC)$48,763.002.70%
  • bitcoin-cashBitcoin Cash(BCH)$497.071.88%
  • binance-coinBinance Coin(BNB)$225.931.58%
  • bitcoin-goldBitcoin Gold(BTG)$27.602.89%
  • bitcoin-privateBitcoin Private(BTCP)$0.3596.63%
  • blocktixBlocktix(TIX)$0.0140.00%