Welcome to PipEze daily BTC report.
Today’s update is important. BTC has stopped climbing yesterday, and we recorded a little price drop. We still expect that Bitcoin buyers will try to push price to 49K level, but will that attempt be successful? Back in January this year, we had a similar situation which ended up with a price drop from 43000 to 30000. PipEze Price Movement Benchmark on daily chart is over 5 points high – which is very good. Last time when BTC reached 5 points on PMB we recorded influx of sellers and a big price drop.
To make it clearer, please see a comparison of hourly charts from January and August. Look at the exact pattern in price movement and PMB – BTC price is going up while Price Movement Benchmark draws consecutive lover hills. Those hills representing a diminishing amount of buyers on the market. This is a loud warning signal which tells us that there is a chance of trend reversal.
Right now everybody is celebrating massive gains on the crypto market and this is a perfect time for short sellers to enter because nobody is expecting that price might go down.
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Well done everyone.
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