We discussed how Bitcoin had the chance to fill the gap, but with the recent move should you be bullish are bearish? I played the double edge sword on the bounce back and well we got a nice 500 dollar bounce back. With recent price action what can we suspect to happen?
News
-DOW is atm broke its 50ema on the hourly and has broke out a decending trade pattern. This could be indicated to be bullish, but why? With low interest rates some traders suspect momentum trading is being played, yet at the same time there's a new wave of stimulus checks coming out due to Nancy calling for congress to vote on a stimuli's package before the election.
-Now with recent press conference and Biden endorsing Trump on his recent actions the market looks like to factoring a trump victory this fall. The conference taked about fast tracking the vaccin January and the government is looking towards a digital wallet to hold their digital currency and other crypto related assets
-Also exGoldmen sachs employee stated an etf is coming out very soon.
TA
-We are in an uptrend and could be froming the handle of a cup and handle formation. This gives us a price target of roughly 10931
-Support is heavy at 10643 and above. At current price level, vpvr is building up very nice showing strong trade action
-Volume isn't volital yet due to CoinbasePro not having the volume in btc over 10k.
-RSI is having strong support at 48.5 and remaining above that will indicate more bullish price action to come.
-MACD looks like its about to turn over bullish
Final Thoughts
Watch the DOW close and see if bitcoin can hold above 10643. As of now we can be bullish as we look for the price action to go higher in the near term. Some price predictions give us a pt of 15k, but more conservative is our pt eoy at 13k-14k
News
-DOW is atm broke its 50ema on the hourly and has broke out a decending trade pattern. This could be indicated to be bullish, but why? With low interest rates some traders suspect momentum trading is being played, yet at the same time there's a new wave of stimulus checks coming out due to Nancy calling for congress to vote on a stimuli's package before the election.
-Now with recent press conference and Biden endorsing Trump on his recent actions the market looks like to factoring a trump victory this fall. The conference taked about fast tracking the vaccin January and the government is looking towards a digital wallet to hold their digital currency and other crypto related assets
-Also exGoldmen sachs employee stated an etf is coming out very soon.
TA
-We are in an uptrend and could be froming the handle of a cup and handle formation. This gives us a price target of roughly 10931
-Support is heavy at 10643 and above. At current price level, vpvr is building up very nice showing strong trade action
-Volume isn't volital yet due to CoinbasePro not having the volume in btc over 10k.
-RSI is having strong support at 48.5 and remaining above that will indicate more bullish price action to come.
-MACD looks like its about to turn over bullish
Final Thoughts
Watch the DOW close and see if bitcoin can hold above 10643. As of now we can be bullish as we look for the price action to go higher in the near term. Some price predictions give us a pt of 15k, but more conservative is our pt eoy at 13k-14k
