FrederickDupont

Bitcoin was overdue for a bounce... But now what ?

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
So we have a beautiful little bounce on bitcoin right now... What can we expect ? Well first, BTC was wayyy overdue for that bounce. Daily RSI was violently oversold. But what now ? On the chart, bitcoin formed a nice descending wedge (which is bullish ) and we can also see a solid bull flag is forming with proper volume who validates this flag (good volume for the pole with declining volume at the top of the flag). This looks good to me, however we have good resistances at 3.6k. If BTC can break that, then we could go reach the 4k-4.4k level where I see strong resistances again. If bitcoin can break this zone, then almost no resistance left until 6k, where we can see extra massive resistances. 6k will not be easy to break friends. Actually to me a 6k breakout could signify the end of the bear market, but this is a completely different topic.

Anyways, I think bitcoin has good chances and enough momentum to break 3.6k and go see 4 to 4.4k. It will be interesting to see where this bounce will lead bitcoin .

Ok guys i'll leave you here, stay tuned for more updates,

Fred

***If you want to see the resistances zones with more details, go see a 1h chart.
Great job Fred! Do you have a update?
+1 Reply
@Daniel0903, soon ;)
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Very insightful. Your posts have been spot on for the past couple of months. I hope to see more frequent analysis
+1 Reply
FrederickDupont somebodywhohodls
@somebodywhohodls, Thanks !
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