The HALVING that the whole crypto scene has been waiting for is behind us and we can summarize what happened on the market and what the predictions are.
Since our last analysis, we can see a renewed increase in interest in BTC on the market, which was also reflected in its price. Many traders watched how the market would develop, especially around the date of the expected HALVING event.
Here we have clear evidence of how the hype worked before this event, which for the first time pushed the price above $ 10,000, then we saw a short-term dump and after HALVING, again the hype pushes the price up and towards $ 10,000. However, we must add that Bitcoin has problems in the $ 10,000 area, and the bears are successfully regulating it there. We can see in the graph several unsuccessful attempts to overcome.
Let’s look at the technical analysis and the possible development scenario:
- Our 1st support perfectly confirms its role, and we see higher lows there with a nice reflection from their clouds on multiple time frames
- Bears scenario, possible drop to $ 9000 to current support, if it does not withstand a possible direction to the very important 1st support to $ 8,400
- Bulls scenario, if we get above $ 10,000 and stay here longer we will confirm the long-term trend and it will mean a lot and a big impetus for further growth
- At this time, wait for the reactions of one or the other party
- If we get to the $ 9000 area try to open a LONG with SL for $ 8750, then open a LONG in the $ 8400 area SL 8150
- SHORT orders, we can try in the $ 10,000 area with SL to $ 10,250