Bitcoin is king? $3700, bull run or bull trap
Bitcoin is currently up, sittiing at around $3750 at the time of this post.
The general crypto market has had a sweet start to the holiday seasons, with over $19,000,000,000 being added to the market since December 15th.
At this pace and momentum, we could hit $6000 as early as January.
Many are speculating that this could be a run up due to BAKKT launching in January and NASDAQ launching its futures platform.
This also in correspondence with the fact that ETFs are coming up once again means a lot of FA are going to drive bitcoin.
It remains to be seen of thos move up is sustainable or if its just another bull trap for shorters to squeeze.
Im watching the market intensely, if we cant break above $4000, then we might get a crash down back to $3000 and most likely $2800.
If we test $3200 and dont go below it again, we might say we have found a good support to rally from.
As always, dont take any financial advice from this, this is for entertainment only.
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It's clearly a trap, dont expect too much. expecting too much hurts. Just like in KAT i expected so much in that project but still it has no progress. I hope after joining this trading competition, my investments will pump https://www.kucoin.com/#/rank/KAT
Lol, trading competitions are nice, but only if you have the money for it.
Yeah, a trap, but volume is up pretty nice, khighest its been since a month now
Amazing analysis @Destinysaid. We wouldn't give up. Crypto will be back on track.
Just patterns sir, I fear for BTC a lot
I suspect that this will hit major overhead resistance at around 4400, which coincides with previous resistance/support in 2017 plus the falling 50 EMA . This presents a good opportunity for a pullback and allows me to pencil in the head and shoulders formation.
This will be a major battle here, and unless we break above that level, the bears are still in full control and we could continue in a long term descent back below 3000.
please take a look at my recent post and tell me what you mean.
follow me for more crypto ideas.
https://steemit.com/bitcoin/@orphism/bitcoin-is-the-bear-market-over
Read it and took action, good analysis. BTC currently has enough space to move upward as we didnt have chance to form major resistance lines except around 6k, hopefully we stay above 50 and maube even break 200(pipe dream, but a dream still)