Experienced on-Chain Analysis Specialist Willy Woo, Bitcoin $104,030.58He made assessments that he could enter a long -term correction phase. Woo said that Bitcoin has a limited time to avoid creating a negative appearance on the weekly graphics. It is emphasized that if Bitcoin did not perform a new upward movement in the near future, a negative mismatch may occur in weekly graphics.
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The price of Bitcoin with the price of technical indicators is carefully monitored by investors. According to Woo’s evaluations, the price of the relative power index (RSI) when the price is making new peaks points to a negative situation in the market. This is seen as a sign that Bitcoin is losing upward acceleration.
Willy Woo: “Dear Bitcoin, you should start the rise movement until the week to avoid negative incompatibility in weekly graphics, otherwise there will be a static process for weeks.”
Woo said that using his own analysis company Bitcoin Vecor’s special data, Bitcoin stands fundamentally strong, but the price is rising rapidly because it was used in the past months and he is currently trying to balance.
Willy Woo: “Bitcoin’s own internal dynamics and block reward splitting is weakening. Global liquidity begins to determine the movements of Bitcoin. Looking at traditional four -year cycles can be misleading. Bitcoin stands out as an early indicator of global economic developments.”
Experts always draw attention to the fact that Bitcoin’s price movements cannot be explained only with technical cycles inherent in the market, and the only reason for the weakness that has been going on for 5 months is not technical analysis.
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Bitcoin is traded at $ 105,737 at the time of preparation. This correction expectation after recent rapid price increases may cause a cautious approach to the crypto asset markets. The direction of the market in the coming period will determine whether the tension between China and the United States is not reversed, not technical indicators.
If the pressure on Bitcoin continues, the negative incompatibility in weekly graphics may cause a long horizontal or downward process that may last. If a strong recovery comes, this process may shorten or completely disappear. Fortunately, for now, the BTC started the new week with the rise, despite the low volume, the total market value took back $ 3.31 trillion.
Due to the increasing external factor effect in the market, it is particularly emphasized that only relying on past cycles may not be enough in investment decisions. In the process of determination of the future period, both technical and basic analyzes should be evaluated together.
Responsibility Rejection: The information contained in this article does not contain investment advice. Investors should be aware that crypto currencies carry high volatility and thus risk and carry out their operations in line with their own research.
