Over the past 24 hours I have been watching for the golden cross to provide final confirmation for a long entry. Support has held strong above $7,900 and the resistance is slowly being eaten away.
If we can break through then the next area of resistance will be $8,950. After that the next major areas of resistance are $9,450 and $12,450. Any of those targets would be a good spot to take profit from a long.
The key level of support remains at $7,750. That keeps us out of the bear trend (red line) and I expect things to get very ugly if we retrace beyond that.
Pressure is building as the range continues to tighten. That tells me that we are in for a violent move one way or the other.
The bullish market sentiment has me feeling confident that we will be heading up from here.
There have been rumors swirling about abnormal volume on the OTC desks
From Twitter
@Crypto_ED_NL: “Lots of buzz in the OTC markets...We received several messages from trusted sources about buyers looking to buy 200-300-500K BTC but no sellers available.”
@DonnyCrypto: “If anyone has contact with a large BC seller or seller mandate. I have a direct buyer ready to close. Please DM me for more details…”
This tells me that the Mt. Gox coins are fully liquidated and now there are more buyers than sellers. That is what is takes to turnaround a bear market. Sprinkle in some FOMO and we will be on our way!
Happy trading and remember that following is free!
If we can break through then the next area of resistance will be $8,950. After that the next major areas of resistance are $9,450 and $12,450. Any of those targets would be a good spot to take profit from a long.
The key level of support remains at $7,750. That keeps us out of the bear trend (red line) and I expect things to get very ugly if we retrace beyond that.
Pressure is building as the range continues to tighten. That tells me that we are in for a violent move one way or the other.
The bullish market sentiment has me feeling confident that we will be heading up from here.
There have been rumors swirling about abnormal volume on the OTC desks
From Twitter
@Crypto_ED_NL: “Lots of buzz in the OTC markets...We received several messages from trusted sources about buyers looking to buy 200-300-500K BTC but no sellers available.”
@DonnyCrypto: “If anyone has contact with a large BC seller or seller mandate. I have a direct buyer ready to close. Please DM me for more details…”
This tells me that the Mt. Gox coins are fully liquidated and now there are more buyers than sellers. That is what is takes to turnaround a bear market. Sprinkle in some FOMO and we will be on our way!
Happy trading and remember that following is free!
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