Bitcoins Next Moves! Are we safe or about to crash and burn?
Bitcoin 1HR Chart
Here is a 1HR chart for BTC and it looks good.
Resistance Lines
The first thing I want to show you in this chart is the 3 resistance lines we need to keep braking through to make progress. The first is 9400, we might bounce off of this a couple times be fore we brake out and head to 10k.
The second is roughly 10200, this point is going to be the final decided factor if bitcoin is back or not. If we brake through we are looking to the moon, but if we can't brake it then we might see a double bottom and go back down to 6k.
Then the last one is at around 12k this is if we can make it past 10K this will just be another milestone.
Bollinger Bands
We just broke the upper Bollinger Band. What does that tell us? (By the way I did a post a while back explaining Bollinger Bands if you want to refresh. ) This tells us that we will shoot back to the mean or the middle line. So in theory we should shoot to around 9k to 8600. Which is right on track to his our target are to brake this resistance line, as you can see were the yellow line meets the upward trend line.
Neck Line
The last thing I want to show you is the neck line. This is the downward trend line from 9400 to 8500. This was important, because this was line we need to brake to start a reversal. Since we broke the line and headed north it now has created a support for the new trend.
Conclusion
In my TA bitcoin is doing great and meeting its goals. We are right on track to create new highs.
This still means you need to have stop losses in play and still take charge of your investments.
Also if you can play the dips and grow your bitcoin along the way to 50K.
Late Dec/17 is the first time having my BTC wallet out since 2015, so keep in mind my position is generally HODL.
Another point of note is that BCH is the true Bitcoin as outlined in Satoshi's White Paper, in my opinion.
There has been increased chatter about successful tests with the Lightning Network. If it goes live no geometry of a less than a trillion dollar market will be able to even stagger wall st. should they see the cat in the bag.
As market cap grows so should token price. Lightning is Wall St.'s compromise on transfer fees, in my opinion. At least for now. 😎
My guess is that regardless of national holidays big money is waiting for Lightning Live.
Nice forecast!
You can never know how the market reacts, so even after breaking the
12k line we can get another big down, but I really hope your right.
This steemer is ready for the moon trip;)