Bitcoin is this week already 8% up and these gains can be easily extended today if the key resistance of $12,473 ($12,500) gets broken by a full weekly candle.
This is a really strong resistance level as a break of this level could potentially mean a free ride to $16,000 are per one Bitcoin, as there is no real resistance between $12,5k and $16k.
The uptrend ride looks pretty healthy and I can say that there is a strong potential of Bitcoin hitting this $16k mark pretty soon if the resistance is going to be broken.
But!
But don't get too excited and still be aware that this can still be just a bull trap as SPX500 is getting weaker from day by day and Bitcoin likes to follow SPX moves.
So have a plan B as a possibility of Bitcoin retesting the uptrend line at price around $10,500 or even potentially is still in the game.
Let's look at Indicators.
RSI is in a strong uptrend, performing higher lows and currently above 60, which is important level to be above in order to see a strong buying volume.
MACD has performed a "slide" and current buying wave is expected to continue in the next weeks with increasing volume.
EMA's are showing a clear uptrend with a lot of room for a correction without impacting the trend.
Whatever you do, don't make a decision based on FOMO but try to be as rational as possible :)
This week I would also like to release a study about cost averaging so stay tuned on that!
Cheers,
Tibor
This is a really strong resistance level as a break of this level could potentially mean a free ride to $16,000 are per one Bitcoin, as there is no real resistance between $12,5k and $16k.
The uptrend ride looks pretty healthy and I can say that there is a strong potential of Bitcoin hitting this $16k mark pretty soon if the resistance is going to be broken.
But!
But don't get too excited and still be aware that this can still be just a bull trap as SPX500 is getting weaker from day by day and Bitcoin likes to follow SPX moves.
So have a plan B as a possibility of Bitcoin retesting the uptrend line at price around $10,500 or even potentially is still in the game.
Let's look at Indicators.
RSI is in a strong uptrend, performing higher lows and currently above 60, which is important level to be above in order to see a strong buying volume.
MACD has performed a "slide" and current buying wave is expected to continue in the next weeks with increasing volume.
EMA's are showing a clear uptrend with a lot of room for a correction without impacting the trend.
Whatever you do, don't make a decision based on FOMO but try to be as rational as possible :)
This week I would also like to release a study about cost averaging so stay tuned on that!
Cheers,
Tibor
