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Bitcoin Price Analysis: Cheeky Crypto Sees Potential for Corrective or Trend-Based Moves

BITCOIN: FLASH CRASH before BREAKOUT?
BITCOIN: FLASH CRASH before BREAKOUT?

Nick from Cheeky Crypto has released a new video discussing the recent price action and potential scenarios for Bitcoin. In the video, Nick reviews Bitcoin’s price on various timeframes, including 1-hour, 5-minute, 4-hour, daily, and weekly charts. He also analyzes internal structures and suggests possibilities of corrective moves or trend-based moves.

Key Takeaways

Analysis

Nick begins by reviewing Bitcoin’s price on the 1-hour timeframe. He notes that Bitcoin recently made a move towards $28,269, which was a significant level. However, Bitcoin was unable to hold above this level and has since fallen back to around $27,500.

Nick then switches to the 5-minute timeframe and takes a closer look at the internal structure of Bitcoin’s price action. He notes that there are some signs of a potential corrective move, but there is also the possibility of a trend-based move higher.

On the daily timeframe, Nick notes that Bitcoin is currently trading below its 50 EMA and 200 EMA. These moving averages are important to watch for support and resistance. If Bitcoin can break above its 200 EMA, it would be a bullish signal.

On the weekly timeframe, Nick notes that Bitcoin is still in a bullish trend. However, he expresses caution about the long-term outlook, given the broader economic climate.

Conclusion

Overall, Nick’s analysis suggests that Bitcoin is at a critical point. A break above $28,588 would be bullish, but a break below $25,870-$25,966 would be bearish. Nick also expresses caution about the long-term outlook, given the broader economic climate.

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