Let’s go to the BTC analysis today, 07/03/2021 to start Sunday! Even more knowing that our weekly chart closes today!
📊 Bitcoin analysis today, 3/7/21
🔸 Weekly chart
The analysis of the weekly chart will not be much different from what I mentioned in the previous analysis, as the candle will only be closed today. So, if you want to see the analysis of the week, see this text: “Bitcoin price analysis today, 03/06/2021. Two OCO formations!“.
We are trying to classify the 43k USD as our bullish fund on the weekly chart in order to be able to resume our climb. In the previous analysis I talked about the bullish fund and why they are important, so if you haven’t read it, go back to yesterday’s text! But to make this fund, we need to form a bullish pivot on the daily chart, which I comment on in the topic below. Forming the bullish pivot, we give enough freedom for the price to continue to rise.
What is a bullish pivot?
The bullish pivot is a drawing made on the graph similar to the “N” fallen forward. To be a bullish pivot, the end of the “N” has to be higher than the rest of the letter.
🔸 Daily chart time, for 3/7/21
As I said above, to make this bullish fund on the weekly chart and continue the climb, we need a bullish pivot (or pivot) on the daily chart. And the bulls (which is the buying force, which drives the price up) want to classify the level of 46,200 USD as the this fund and form the bullish pivot. Forming this bullish pivot, then the most likely is to form a new historic top or, at the very least, retest the last top at approximately 58k USD.
For those who have not positioned themselves in Bitcoin before and want to enter now to trade, the best option is to wait for bullish funds to enter. For those who want to do HODL, then just buy it 😁
🔸 4-hour graphical time for Bitcoin analysis today, 07/03/21
Looking at smaller charts, let’s go to the 4-hour chart. Remember that in yesterday’s analysis I talked about the two OCO formations? Apparently, the yellow OCO, which predicted a downward trend, was invalidated as it did not break the support of the white line. At the same time, the candles are continuing the trend line of the inverted OCO, which foresees an increase in prices. If the white resistance line is broken, around 51 to 52k USD, then it might be a good time to go long.
And you? Are you feeling bullish or bearish with Bitcoin? Recalling that the majority of the movements of other cryptocurrencies and altcoins, are awaiting action by BTC. Let’s keep an eye out! 👀 Enjoy and stay on top of the crypto world on our social networks:
Good luck!
Jéssica.