Jacobo Maximiliano, a Bitget analyst, affirms that the price of Bitcoin remains locked in the resistance zone of 29 thousand dollars. According to his analysis, when the price rose sharply, breaking the established technical resistance, FOMO gripped investors and traders, resulting in bullish sentiment and excessive euphoria.
“Despite this widespread sentiment that Bitcoin is unstoppable, the harsh reality of financial markets is all too clear, markets move in waves and cycles.“, said.
Jacobo Maximiliano fondly remembered the phrase “the small is the great, just as the great is the immensity”. This means that what happens technically on small-scale charts, like intraday, happens on larger time frames. In other words, the chart structures that work with 1-minute candlesticks occur with daily candlesticks.
“That is the magic of technical analysis. This is the magic of trading. And it is consequently that, after all, it is the merchants and users themselves who build the graphs with their purchases”, he emphasized.
From Jacobo’s point of view, the market is mired in a lot of indecision right now. The analyst noted that Bitcoin (BTC) and the crypto market performed excellently against traditional markets with the Silicon Valley Bank event and its contagion effect. This bullish response of the crypto market is something very important to take into account, it is the rebellion of a high sector, well built and with good cement, which raises its voice against traditional centralized finance.
From Jacobo’s point of view, it was a key response move in and he believes we will see a lot of joy in the cryptocurrency market in the coming weeks. You must now play on the bullish side.
“In the daily scenario presented, It is possible to observe in the graph the EMA 200 around 22 thousand dollars, with a pullback and a positive slope, indicating a bullish market sentiment.. In addition, the main trader is shown, which has experienced a proven pullback and also indicates bullish market sentiment.James concluded.
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