Bitcoin retakes 10K, reversal in full effect
Well that was quick ... Bitcoin finished Thursday above key resistance, taking out the historical 50% level and trading as high as 10176, before finishing the day just shy of 10K at 9996. Strength has continued through Asian trade on Friday, with pair setting a new two week high at 10271 earlier in the session, before pulling back slightly to 10050 as I write:
Though I'd been calling for 10K all week, I was honestly not expecting the move to play out this quickly and I'm quite impressed with exhibited momentum. Let's drill down to the hourly chart to get a better look at what's going on:
Pair is grinding steadily higher in an ascending channel and hourly sell signals have thus far been ignored - buyers coming in like clock work after every minor sell off. As long as this channel holds, short term focus is higher. When/if the channel gives out, I will be looking for a healthy corrective move lower towards 9500, which should offer a great buying opportunity for anyone who missed out lower down.
I'm holding long from an average entry of 8300, looking for a test of 11500 next week. I will likely take some profits off the table there and look to buy back into any corrective weakness that follows.
Yayyyy, go go bitcoin you go up.
It has crossed 10k now it might go a little up too before going for a long jump to hit 17k.
Mooooooon haha. Achain is looking like it will moon soon it is gaining western exposure!
rebounds are always unexpected nothing surprises me with bitcoin any more. Last year in december everyone was calling me crazy because I said bitcoin will hit 2k by 2018. lol I was only 1000% off
after every downfall there is a huge gain, if something is fundamentally strong on need not worry . same is with Bitcoin
I feel bad for the people who bought high and sold low ;(
Most important part is all other cryptos also moving positive.
Great post. Thanks for the info. Let the bullish run begin
You can say that again!
Thanks for information it's very interesting and beautiful information I like your post thanks for sharing
Agreed that the 10K came quicker than we expected.Probably see it in the 9's tomorrow.
We'll see, as long as that channel holds it's grinding higher. I'd consider adding a bit more if we go back down into the 9s.
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Well done @bulleth Insights from knowledge and charts are very helpful in expressing the big picture. Keep them coming. Upvoted, Followed and Resteemed by @crytporyno33
Looking at charts 11 to 11.5 k have strong resistance. If we broke this run will be extended for more.. lets see how it plays out. Thanks for sharing
Yeah definitely, I think that area will be tough to crack in one shot. Got the 38.2 there, major trend-line and a resistance zone from late January:
That would be very good news. The future is growing more and more bright by the day!