Bitcoin (BTCUSD) has broken the descending trendline (marked blue) and is now going green, the bulls are back on top.
A rejection took place at the blue trendline recently and we saw prices moving below MA200, EMA200 all the way down to EMA300, which worked as support.
As soon as EMA300 was confirmed, Bitcoin moved back up and closed above all the Moving Average lines including MA200 and EMA10, the black and green lines, this puts the bulls back on top.
The trading volume is still low, so be aware, sudden moves can happen in any direction when the volume is low.
On the bullish side, we are looking at $54000+ and the All-Time High as bullish targets if prices continue to move up.
What's your take?
Do you think Bitcoin will reverse and continue the previous correction?
Do you think Bitcoin will continue straight up, maybe to $65,000, $74,000 or $100,000+?
It appears I was wrong on the short term pullback. We have broken the resistance at 52 and i have now bought (was hoping to have done this at the lower levels obviously).
@Crystalium, of course bitcoin will go down at some stage, whether soon or later who knows, it will also come back up again
We can profit whatever it does, we just need to look short term and secure profits as we go.
ChrisTrading101
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On the 5 hours chart there is an ascending triangle and we keep hitting resistance around 52. If it breaks this on the upside I agree with you next levels.
Looking at the daily chart I am expecting a decent run upwards in the medium/long term. However my feeling is it will move sideways and down over the next couple of days where it will pick up some buying momentum.
I have been buying and selling a portion of my btc at tight margin over the last week or so.
I will be increasing my holding if the price starts to drop off. If it goes up from here I will still rude the wave with what I have.