Bitcoin's Weekly Resistance. The last stand before the Mega Bull

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Well we are here finally! After 140 days of frustration and demoralizing claims for $1000 $500 or even $0, Bitcoin is finally testing the 1W Resistance. The Resistance which before the November sell-off, has been sustaining Bitcoin as a Support above the 5800 level.

How important that test is? Well it's vital. Two reasons:

Firstly because it meets with the MA50 which alone acts as a Resistance (we have discussed this extensively in previous analyses, I will not get into much detail).

Secondly because during the previous cycle in 2015, when the price tested the 1W Resistance, it was rejected (not once but twice) towards the MA200 which acted as a Support (again won't get into much detail as it ihas been also discussed).

I expect a similar behavior as this Resistance should act as a profit taking point for retailers who bought at the bottom.

Notice how the Ichimoku Cloud shows us where the price is headed next. Crossing its channel practically means the breaking of the 1W Resistance. In 2015 this happened in the middle of the Cloud and both the Resistance and the MA50 turned into the support that sustained the new bullish cycle. Where every low is a Higher Low and every high is a Higher High, until the mega bullish break-out of the next Halving.

We are finally here people!

But what do you think? Do you also believe that we have this one last barrier left, in the form of a slight pull back, or we are heading straight 7000 or even 8000? Let me know in the comments section!

Check out some previous related analyses:

High accuracy signals at Few selected trades per day. Excellent risk management.
IMHO, this is the best prediction on TV now.
It contains the best elements and looks like a summary of all important things to come..
If I have to write one - it will be this one. Thanks!

My weapon of choice is RSI indicator (not only that but 50% of decision is RSI other elliot, fibo and MACD) and RSI so high,
without propper correction that should happened at least one week before it is shure we will dump hard.

So...I cant wait RSI 30 with confirmation than I will buy as mad. :-)

In meantyme just eating popcorn and watch how novice traders get screwd.
Retrace incoming. Retest of $5,000 likely.
+1 Reply
@Noodley, May even break it within the weekend.
Folks, look at it this way, the more these whales and little bears sell, the more they have to spend to buy back in, especially if prices move higher than they anticipate. They can only do this for so long. As prices get higher and higher, more and more whales will be flushed out of the market. Keep in mind there is a limited supply of Bitcoin. At some point, these whales won't have the funds to purchase big bags like they do now. When it gets to that point, then it will be a level playing field. But it may take 5 years or more to get there. Cheer up, bulls. :)
@kardia, whales will get flushed out? What?
+1 Reply
kardia Cash-Dash
@Cash-Dash, yes, unlike the corrupt fiat system, they can't just print new Bitcoin out of thin air. A time will come when it will be rare for a person to own a whole Bitcoin. When that time comes, the market will be more stable and Bitcoin's price will likely be extremely high.
@kardia, Whales buy low and sell high. They don't get flushed out.
kardia TradingShot
@TradingShot, just because they buy low and sell high, it doesn't mean they will always have big bags. Have you ever heard that a time will come when it will be rare for someone to own 1 Bitcoin? Why do you think that might happen?
I am waiting for the weekly cross for ma 20-50
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing House Rules Moderators Website & Broker Solutions Widgets Charting Solutions Get Help Feature Request Blog & News FAQ Wiki Twitter
Profile Profile Settings Account and Billing Get Help Ideas Published Followers Following Private Messages Chat Sign Out