In a recent video, Nick from Cheeky Crypto discussed the recent price action of Bitcoin and provided his analysis on its potential future movements. He highlighted the resistance at the 50 EMA on the hourly chart and suggested a likely move to the downside due to overbought conditions. He mentioned completing wave four and a potential diagonal pattern for wave movement. He expects a drop to 23,000 – 24,113 after hitting a high of 26,986.
The analysis also includes insights from on-chain data, indicating a concentration of BTC in wallets held by retail investors, potentially leading to increased market volatility.
Here are some of the key takeaways from the video:
- Bitcoin is currently trading near the resistance at the 50 EMA on the hourly chart.
- Overbought conditions suggest a likely move to the downside.
- The wave four of the current bull market may be complete, and a diagonal pattern for wave movement is possible.
- A drop to 23,000 – 24,113 is expected after hitting a high of 26,986.
- On-chain data shows a concentration of BTC in wallets held by retail investors.
- This could lead to increased market volatility if retail investors start to sell their BTC.
Nick also provides some tips for protecting your assets and preparing for a bull market. He recommends not keeping your cryptocurrencies on exchanges, using hardware wallets for security, and registering on multiple exchanges. He also suggests preparing for a bull market by registering on exchanges during bear markets.
Overall, the video provides a comprehensive analysis of the recent price action of Bitcoin and its potential future movements. While no one can predict the future with certainty, Nick’s analysis is based on sound technical analysis and on-chain data. If you are interested in trading Bitcoin, it is important to do your own research and to understand the risks involved.