BaroVirtual
Price chasers indicate the uptrend is powerful, but there may be short-term issues.
The position of the price chasers (7d and 30d MAs) indicates that we are seeing intense, healthy buying pressure on Bitcoin, which is a very positive signal. The issue is that the gap between the fast and slow chasers is 19%, and this, in turn, leads to 2 possible scenarios: 1) Bitcoin takes a sideways position in the $87,000-$93,000 range for some time and then continues its upward movement to the $104,000-$120,000 range. We observed something similar from February to March 2024. 2) Bitcoin corrects downwards to the $71,000-$77,000 range, and there is an intermediate healthy cooling of the market, and then the local upward trend resumes. We observed something similar in this case: - February 21, 2021 - January 8, 2021 - August 1, 2020 - May 7, 2020