Crypto analyst says Bitcoin is in an undeniable bullish trend after CoinEdition
- Chartered Market Technician confirms that Bitcoin is in a bullish trend.
- Adrian Zdunczyk noted that financial markets performed at their best in the years leading up to the election.
- The analyst used the 200-day moving average to predict that Bitcoin is in a dominant bull trend.
Bitcoin is in an undeniably bullish market, according to Adrian Zdunczyk, Chartered Market Technician and founder of The Birb Nest. In a Twitter thread, Adrian gave several reasons why he believes the Bitcoin market will continue with the recently discovered uptrend.
According to Adrian, it gives better results when trading the financial markets by relying on existing phenomena maintained over several decades. Therefore, he based his analysis on facts about historical market behavior.
Adrian noted that financial markets performed at their best in the years leading up to the election, with only one exception in the last 84 years. With such data, there is a 98.8% chance that the market will trend higher in 2023.
With a screenshot, Adrian explained that Bitcoin is in an uptrend and traders should approach it using John R. Hill & George Pruitt’s recommendations. They suggested trend-following breakout systems as the best tactic under such market conditions.
Adrian used the 200-day moving average to predict that Bitcoin is in a dominant bull trend, and traders should consider it as such. He supported his claim by using a pictorial illustration of the psychology of a Bitcoin cycle. He also explained that traders who are still shorting Bitcoin may experience cognitive dissonance in the early stages of a reversal.
The founder of Birb Nest acknowledged that corrections are inevitable in the Bitcoin market. He attributed them to market sentiment and traders’ attitudes. However, he urged traders driven by regret bias to take advantage of the buying opportunity for fear of missing out again.
Adrian favored trading breakouts along the dominant trend over expected mean reversion tactics. He believes the money is in the established market direction. He advised against trading against the market trend, noting that it could lead to significant losses in the market.
Under the current market situation, Adrian identified the $26,500 to $27,000 Bitcoin price level as an area of interest for buyers. It is the recent territory dominated by bulls. He believes the novelty, regret and representativeness may encourage traders to use the heuristic rule of thumb and buy the support.
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Disclaimer: The views, opinions and information shared in this price forecast are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be liable for any direct or indirect damage or loss.
The post Cryptoanalyst Says Bitcoin Is In An Undeniable Bullish Trend appeared first on Coin Edition.
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