Bitcoin and Journy of Doubt

Bitcoin reached a new record this year 2020, which reached $ 12,100, after which it quickly retreated to about $ 10,500, causing the liquidation of positions worth one billion dollars.

Thus, this level will play an important role in determining the direction of the Bitcoin price.

When trading bitcoin just above $ 11,000, there seemed to be a clear fear among speculators that the price might suddenly drop.

Regardless of the dips, swings, and short timeframes, it is time to take a look at the larger picture of the Bitcoin movement.

and market sentiment that was saturated with greed was reset.

Bitcoin weekly chart:

Image Credit

The chart above, although weekly, shows important targets on both the daily and monthly time frame.

The recent price crash and fall from 12,000 to 10500 was not close to $ 9,545 or $ 8,694.

Weekly and monthly goals:

The weekly candle that will be closed within a few hours should be closed above $ 11500 to confirm the bullish dominance.

Failure to do so could clear the way for bears to exhaust the bulls' potential, in June 2019 the sudden rally from April stopped at this level.

Another stop for the rally was in August 2019.

If the price is not closed above $ 11,500, the price at $ 10210 seems to be a good support.

however, the 50-DMA is important because it is close to the CME Gap gap which may play a very important role in the potential downfall that is yet to come.

Conversely, if the price closes above $ 11,500, then the first monthly target set at $ 12325 and the second monthly target set at $ 13200 will soon be achieved