Hello and welcome to my Bitcoin Analysis! The weekend is knocking at the door but before we let it in, we should take a look of the market behaviour in the world of Crypto.
As Bitcoin broke through the big resistance (white trendline) one week ago, it did not approach the trendline again but makes higher highs ever since. At the current moment I see a healthy market sentiment with new money coming in daily based on the information I get from coinmarketcap.com The era of the bears seems to be over for now which means it’s bulltime!
1. Bitcoin is printing a rounding bottom at the moment. This is a common reversal pattern which is a relative of the C&H which is also a possible outcome. (White round line on the chart)
2. The next major resistance in my chart ist he former neckline of the H&S reversal which was penetrated but didn’t break through. We can expect heavy resistance at $11700.
3. Minor resistance areas are the EMA’s. We’re currently flirting with the 55 EMA (red line on my chart). The next stop is the 200 EMA (Turquoise line).
4. All in all the market looks healthier than a long time ago. We might even see a new ATH this year, when mainstream media starts reporting
Have a great weekend and a good time trading, guys! Always take care of your money.
11700? it s like we forget the btc it s manipulated. not so easy to breake 9k enormus bull trap
mulugulu91
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@CrissCristofer, That's where I see the major resistance. 9K is another psychological resistance, but let's see how many of these are actually fake. The trend is reversed imo and based on my TA. Not saying that it won't be a long, difficult way up though.