The long awaited break through the 12.5k just happened without any stronger pullback. We perceive strong euphoria in the crypto space, fuel from stimulus checks and the integration of cryptos in Paypal is a sign for mass-adoption and acceptance among more and more well-established corporations. Now MACD is clearly diverging stronger from the signal line while RSI is at around 70 - great outlook for Bitcoin to go much higher following the current trend.
Previous comment on weekly (19.09.20)
Since we broke out of the gigantic triangle (>2.5 years) we were looking for a retest for it to hold as support which just happened at the 9.8k region. This could be the confirmation for our next bull run as falling back into the triangle seems unlikely. As from now we aim to retest the resistance at 12.5k and once we break this we could see a fast run until 14k . MACD seems to bounce off the signal line from here which could indicate a stronger momentum picking up. RSI bounced strongly from the 55 level and Stoch RSI on the weekly can find support soon. However, macro-environmental factors could still play a decisive role in the coming months.
Previous comment on weekly (19.09.20)
Since we broke out of the gigantic triangle (>2.5 years) we were looking for a retest for it to hold as support which just happened at the 9.8k region. This could be the confirmation for our next bull run as falling back into the triangle seems unlikely. As from now we aim to retest the resistance at 12.5k and once we break this we could see a fast run until 14k . MACD seems to bounce off the signal line from here which could indicate a stronger momentum picking up. RSI bounced strongly from the 55 level and Stoch RSI on the weekly can find support soon. However, macro-environmental factors could still play a decisive role in the coming months.
