Bitcoin UP! Out of bear channel! Now what?

BIP 91 looks to be locked-in now. As hypothesized in my last post, this has given us enough boost to push our way through some MAJOR resistance points. Bitcoin's behavior here is extremely bullish! At the time of this writing, BTC is currently wrestling with resistance at $2599. Once through, it's on up to $2670 or the bottom of our bullish GREEN channel, whichever comes first. Once we get there, I am not sure how much energy the bulls will still have. If we do end up getting to the bottom of the bullish GREEN channel today, I don't think the market will be able to power through.

My analysis today is that we either tap out at $2600 or somewhere around $2670. Tomorrow is another day but I don't see us breaking back into our bullish GREEN channel today. And, if you are a day trader (which I am NOT), these are excellent areas to short back down to the 50 MA or even possibly the $2420 support.

Happy trading folks!

Comment:

Day traders - the $2420 support would not be reached today but possibly in the next few days as we consolodate and try to build up energy to break back into our bullish GREEN channel. It is possible we go back down to the 50 MA today however. I can see us sitting on top of this for a bit of a breather.

Comment:

Bitcoin hit $2665 a little earlier. It is probable that this was our high point for the day. As I stated earlier, $2670 appears to be pretty good resistance and since it intersect the bottom of our GREEN uptrend channel, it provides 3x the resistance. I doubt we go through it today.

Comment:

The power of these bulls! And why I am not a day trader on Bitcoin. We went right back into our bullish green channel without stopping. I am now a bull again!