Looking at the four hour chart, we can see that Bitcoin has broken out from the top side of a symmetrical triangle, and is now consolidating in a bull flag above the 50 EMA. A bullish divergence has also been formed, between price and momentum, as BTC printed lower lows on the chart, with higher highs on the MACD (green dashes.) Further adding to the renewed bullishness, we can see that on December 22nd, Bitcoin had a healthy retracement, which sent briefly prices all the way down to the 61.8% retracement level, shortly after setting a record high. More substantial support has been found at the 50% retracement level, around $12,800, as BTC tested it for 10 days. On the upside, the next major overhead resistance is around $16,500. A break above that will likely send BTC skyward, to challenge the all-time high of $19,666.
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
What would this mean for the alt coins > will be be seeing a significant correction downwards?
iamomeed
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would you pull the trigger at 15500?
MagicPoopCannon
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@iamomeed, I cannot give advice on when to buy or sell. However, for educational purposes only, an upside breakout from the bull flag would be a short term buy signal.
austinmfcoats
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Looks good, what do you think about bitcoin cash?
MagicPoopCannon
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@austinmfcoats, I have yet to review bitcoin cash. I will check it out in the coming days. Thanks for commenting.