Having recently gone through a 10% correction, one might think that the Bitcoin
rally is over, but that would be so wrong because the Bitcoin
market continues to be bullish
bias over the mid-term. We can see that Bitcoin
just had a bull cross between the 21 and 200 EMAs, and another one between the 55 and 100 EMAs. Price continues to rally higher above the bullish Ichimoku cloud
. The bulls did a great job by defending the 4900 level from the bears that ravaged the market over the past few days. Price is now back above the 5000 level and has been grinding up since yesterday, flushing out disbelievers and slapping the face of doomsayers with their own words. As long as price stays above the recent low of 4934, we can expect to see more upside over next week. The next resistance is at 5380 and beyond that would be Bitcoin's new yearly high.