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On the 4-hour TF, bitcoin quotes rose to $ 24,350 once again. And this time, we managed to gain a foothold just above this level for a short time. However, the illustration below clearly shows that the upward movement now remains extremely weak, so all the enthusiastic exclamations about bitcoin reaching the $25,000 mark have no substance and practical sense. Now the ascending channel on the 4-hour TF or the trend line on the 24-hour TF is more important. They are the ones that give clear guidelines for the movement of cryptocurrencies. According to the 4-hour TF, we can conclude that the current upward correction, which has been going on for more than a month, is incomplete. According to the 24-hour TF, it can be concluded that the downward trend remains. And these two conclusions give a clear opportunity to understand what is happening in the cryptocurrency market. We still expect a strong drop in the "bitcoin" will resume after the completion of the current correction. However, now you need to wait for the price to consolidate below the ascending channel to get a signal to sell.
Meanwhile, Michael Saylor resigned as CEO of MicroStrategy but did not stop promoting and praising bitcoin, urging everyone to buy it and sell gold and other assets simultaneously. According to Saylor, bitcoin has surpassed all projects on the stock market in profitability in recent years, as well as gold, bonds, and any shares of large companies. And the only asset that has surpassed bitcoin over the same period is the MicroStrategy stock. Saylor also added that he is guided in his judgments for the long term. Bitcoin, in his opinion, needs to be kept in balance for at least four years. "Ideally, bitcoin is a way of transferring wealth from generation to generation," says the ex-head of the company, which was once associated with the development of analytical software. He also agrees with the opinion that the latest drop in bitcoin and the entire crypto market is due to the tightening of the Fed's monetary policy. However, "if you want to deal with reliable money, you should sell gold and buy bitcoins." It is the advice on how to become rich from Saylor.
At the same time, one of the most famous bitcoin critics, Peter Schiff, said that soon the cryptocurrency will fall below $ 10,000 and encourages everyone to buy gold. According to Schiff, bitcoin will never be able to grow to $69,000 or more. As you can see, opinions differ, and only technical analysis gives us a clear understanding of what is happening in the market.
On the 4-hour timeframe, the quotes of the "bitcoin" continue a weak upward correction. We believe that the fall will resume, but now we need to wait for the consolidation below the ascending channel. The first target for sales, in this case, will be the level of $ 17,582, which is the last local minimum. Next, the overall goal for the two timeframes is $ 12,426.
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