Market Update: Bitcoin breaks trend-line resistance and finds a bid on the re-test
Hey everyone, decent rally yesterday after Draghi's comments re: Bitcoin falling way outside of ECB mandate.
BTCUSD finished the day higher at 3930, taking out trend-line resistance connecting the record high to the lower high carved in early September. I said previously to be wary of false breaks of this line as it's incredibly steep, but pair pulled back to test today and has since bounced:
We're currently trading at 3950, just shy of yesterday's high of 3977. I'd like to see that go today and a test of last week's highs above 4100. A break above 4100 would target 4400, followed by major resistance in the 4660-5000 zone, marked by the all time highs.
Short term remains bullish above today's lows around 3840 and bigger picture below last week's lows around 3500. A break below 3500 would turn me neutral on this pair and likely signal a period of prolonged side-ways trade.
UPDATE: BTCUSD just took out yesterday's highs, opening the path to test of 4100
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Good analysis. in my opinion within 1 week maybe bitcoin prices will be ranging to find a good momentum to move up again
I think before then, interesting pattern on the 4H ... I'm about to update you can see there
lookin good imo
Things are certainly looking up at the moment! But where next? $4000+ or back down to test $3750?! Time will tell!
Nic information given by u
I have the feeling that it will go up from now on because of Black Friday and Christmas season. I am a buyer right now. Upvoted and Resteemited, Team Australia!
Is that a thing? I've never read up on/heard of seasonality in crypto ... go team!
The technical view is pretty good for BTC, it's bounced sharply off the low with volume at a key level and is resuming upward trend with the China FUD dissipating. Only a fresh change in the fundamentals (ie, more bad news) is going to turn it down from here.
Yep and hopefully whatever FUD China has to say is pretty much priced in ... a bullish surprise on that front would be awesome!
NOW is NOT the time to be taking SELLING Actions but rather BUYING Actions.
2 to 3 is OK. 3 to 4 has to go further down to make fibo works as high in 5. But it is going up as you said, it is a buyers market if there is no fundamentals on the way.
Yeah EW really isn't my kind of thing, but that particular wave does look abnormally shallow - former resistance (5) reacting as support would be more likely
We saw a good trendline break today. Especially the rise of BTC against anonymity coins like Dash and Monero are remarkable. Bitcoin seems to me like the Google of the early internet days. It most probably can only go higher ^^
It's interesting though, like it's essentially legacy technology ... STEEM is infinitely quicker (~ instant) and cheaper (free) to transact with
very good information, thx for sharing!