Bitcoin breaks the 8,000 dollar wall, bullish scenario and skyrocketing social s

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Bitcoin breaks the 8,000 dollar wall, bullish scenario and skyrocketing social sentiment

For halving it is still early, we remember that the halving of the reward for miners is scheduled for mid-May, however bitcoin has opened this 2020 with fireworks; yesterday, in fact, the price broke the 8,000 dollar wall and, with him, the resistance of the bearish channel.

Furthermore, with the rises of this beginning of the week, BTC returns above the moving average at 200 periods, a signal that is normally interpreted in a bullish key; those who follow us regularly know well that I considered the new fund around 4500/5500 dollars, however what nobody expected was that the tension between the USA and Iran skyrocketed and this, as evidenced by many observers, certainly had an effect on the trend of prices, given that bitcoin tends to behave in all respects as a safe haven asset.

In recent days, however, the price has gone up by 15%, however I would advise against getting excited because BTC has not yet returned to bullish and what we are observing in the last few hours could also prove to be the most classic trap for bears; at this point it is necessary to wait a little longer to check if the enthusiasm will fade or if, on the other hand, the breakdown of the bearish channel will bring us back to the 11000/12000 dollar zone, which would be the next noteworthy resistance.

Meanwhile, the alt market has started to suffer, with all the major currencies on the market showing declines in response to the exuberance of bitcoin; as is known, in fact, when BTC returns bullish traders short on the alt and return long on bitcoin, thus trying to ride the upward trend of the first cryptocurrency by market capitalization they almost systematically end up sinking the rest of the sector.

The community, therefore, did not have time to start talking about the altseason that immediately took a loud slap in the face of bitcoin; the situation, however, is far from clear and I believe that it will take a few more days before we can understand what turn things will take.

Until then the advice is to still remain out of the market, admitted and not granted that bitcoin has really returned to the upside at this point there will have to be a pull back, so to evaluate the entry to the market it is worth waiting a little longer and then evaluating the situation based on how deep the retracement will be.


Source: Publish0x