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Bitcoin has soared by $17,000 and continues to rise. Even traders who anticipated a new bullish trend likely did not expect such a sharp, unexpected increase. Bitcoin has easily and effortlessly surpassed the only bearish pattern on the daily timeframe and is now confidently moving toward the trend break line. A sell signal has not formed, so the bearish FVG pattern now becomes a bullish IFVG. However, it is important to note that neither Ethereum nor Bitcoin has broken their downward trends that began last year. Thus, regardless of how sharp and strong the current rise is, one should account for reality in the autumn. In any case, no trading signals have been formed in recent days, and all movements appear to be just another pump.
In the meantime, Robert Kiyosaki has again surfaced, urging everyone to buy Bitcoin. This time, he criticized the U.S. Treasury's decision to expand its bond-buying program, calling it "a new round of creating fake dollars." The author and businessman stated that, due to actions by the U.S. Treasury, the dollar will depreciate further and inflation will increase substantially. It is reasonable to acknowledge that there is logic to Kiyosaki's words, unlike many of his previous forecasts, which simply urged everyone to buy Bitcoin because it represents the future. Due to the Treasury's actions, which effectively initiated its QE program, the U.S. dollar has already depreciated significantly, and Trump's overall policy will continue to exert significant pressure on the dollar. For instance, it is already known that a trade war has started between Canada and the U.S., and one with China could commence soon.
The author of the bestseller "Rich Dad, Poor Dad" also called on everyone to improve their financial literacy, noting that smart people buy assets that are likely to grow, while everyone else keeps money under their pillow, where it is eaten up by inflation. Educated investors, he says, buy bitcoin, gold, silver, and real estate, while the rest invest in fake assets.
On the daily timeframe, Bitcoin continues to form a downward trend. The trend structure is downward, and the CHOCH line is at $82,800, where the last LH (Lower High) formed. Only above this level can it be said that the downward trend has ended. The last and only bearish FVG was completely pierced, and it has now turned into a bullish IFVG. Thus, this area now represents a POI for long positions. Bitcoin has not yet broken the downward trend, but in recent days, the chances of the bearish trend completing have sharply increased. This cannot be denied.
On the 4-hour timeframe, it is clear how Bitcoin has literally skyrocketed. Analyzing the 4-hour timeframe at this time makes little sense due to the excessive strength of the movements. Therefore, signals should be sought on the daily or even weekly timeframes.
Bitcoin continues to form a downward trend, despite strong growth this week. We continue to expect a decline toward $57,500 (the 61.8% Fibonacci level of the three-year upward trend), although this level has already been tested. However, we do not believe that the downward trend is over yet. The last bearish pattern FVG has been invalidated, and there are essentially no POI areas for short positions on higher timeframes. However, on the weekly timeframe, the current growth can be classified as a correction. We understand that the current rise in the leading cryptocurrency resembles a weak correction, but this does not make a compelling argument for opening long positions. The current movement resembles pumping without the formation of patterns and signals. Each trader must decide for themselves whether they want to open positions "in thin air."
¡Los informes analíticos de InstaForex lo mantendrá bien informado de las tendencias del mercado! Al ser un cliente de InstaForex, se le proporciona una gran cantidad de servicios gratuitos para una operación eficiente.
