Hello coiners,
Bitcoin is like COVID19 recently - totally unstoppable, uncontainable and unpredictable. Well, actually for the last I'm not sure since we are seeing the ever-growing list of infected people and territories worldwide. At the same time, BTC is forming its fourth consecutive green session on the daily chart today. As of the time of writing this, it is 32 percent up since closing at $5,024 on March 16 and is currently trading at $6,597.
The BTC/USD pair successfully rebounded from the long-term uptrend line and is now aiming to regain positions above the fast 20-day EMA and slowly, but surely reconquer all that was lost in a blink of an eye. We are still 60 percent down from the February peak of $10,361, but money is starting to pour in again in the market. Whales are ready to buy cheap after the big dump and profit from the widespread fear.
To be honest, what I was expecting for was for the leading cryptocurrency to be stopped somewhere close to $6,400 and continue its downtrend towards at least in the short-term. I think we still might see a step back to that level and a potential range trading due to its importance as a major S/R line.
The zone around $6,900 is also worth noticing as a stop below the mid-$7k and $7,700.
The situation is exactly the same on the 4-h chart as Bitcoin was stopped at the 50.00 Fibonacci level near $7,200.
The Relative Strenght Index (RS) downtrend was also broken today as the indicator escaped from the oversold area. 24h- trading volumes were stable in the $37 -$40 billion area during trading days on Wednesday and Thursday and started to pick up on Thursday evening, eventually growing all the way up to $56 billion on Friday at noon.
The market is still very wild and unpredictable but is giving us back the profit we would expect from it. Take care out there and protect your capital. Let's hope the best is yet to come for both bitcoin and humanity :)
Bitcoin is like COVID19 recently - totally unstoppable, uncontainable and unpredictable. Well, actually for the last I'm not sure since we are seeing the ever-growing list of infected people and territories worldwide. At the same time, BTC is forming its fourth consecutive green session on the daily chart today. As of the time of writing this, it is 32 percent up since closing at $5,024 on March 16 and is currently trading at $6,597.
The BTC/USD pair successfully rebounded from the long-term uptrend line and is now aiming to regain positions above the fast 20-day EMA and slowly, but surely reconquer all that was lost in a blink of an eye. We are still 60 percent down from the February peak of $10,361, but money is starting to pour in again in the market. Whales are ready to buy cheap after the big dump and profit from the widespread fear.
To be honest, what I was expecting for was for the leading cryptocurrency to be stopped somewhere close to $6,400 and continue its downtrend towards at least in the short-term. I think we still might see a step back to that level and a potential range trading due to its importance as a major S/R line.
The zone around $6,900 is also worth noticing as a stop below the mid-$7k and $7,700.
The situation is exactly the same on the 4-h chart as Bitcoin was stopped at the 50.00 Fibonacci level near $7,200.
The Relative Strenght Index (RS) downtrend was also broken today as the indicator escaped from the oversold area. 24h- trading volumes were stable in the $37 -$40 billion area during trading days on Wednesday and Thursday and started to pick up on Thursday evening, eventually growing all the way up to $56 billion on Friday at noon.
The market is still very wild and unpredictable but is giving us back the profit we would expect from it. Take care out there and protect your capital. Let's hope the best is yet to come for both bitcoin and humanity :)
Comment:
The RSI downtrend was not broken actually, but bulls hit into a wall after BTC was rejected at the upper end of the $6,000s, so just as predicted it was not able to close above $6,400 - very, very tough level