Following a steady hourly uptrend, Bitcoin finally touched the $9000 level again and bulls took advantage of it and pushed it up to $9300 within 2 hours. Bitcoin did not crash this time and it’s stabilizing at $9250 for now. The daily uptrend is now in place again and the weekly bull flag seems to be confirmed at this point. Most importantly, the monthly uptrend is starting to take shape and the volume increasing is very significant.
It certainly seems like Bitcoin has all it needs for another bull run at this point, breaking the $20000 level this year doesn’t seem so far fetched now, in fact it looks quite probable. The next monthly resistance lies at $10000. The daily chart is still not overbought at this point so we have more room for the upside, either way we have seen that after this type of moves, the RSI doesn’t always act as resistance and can get really overextended for long periods of time before cooling off.
A lot of analysts talked about Bitcoin whales accumulation, it definitely seems like it was the case and it’s now reflected in a big way. FOMO (fear of missing out) also seems to be coming back and will certainly be a huge factor when Bitcoin approaches $20000 again.
It certainly seems like Bitcoin has all it needs for another bull run at this point, breaking the $20000 level this year doesn’t seem so far fetched now, in fact it looks quite probable. The next monthly resistance lies at $10000. The daily chart is still not overbought at this point so we have more room for the upside, either way we have seen that after this type of moves, the RSI doesn’t always act as resistance and can get really overextended for long periods of time before cooling off.
A lot of analysts talked about Bitcoin whales accumulation, it definitely seems like it was the case and it’s now reflected in a big way. FOMO (fear of missing out) also seems to be coming back and will certainly be a huge factor when Bitcoin approaches $20000 again.
Trade active:
12-13K in JUL 05