BITCOIN PAUSES AT DAILY TREND LINE RESISTANCE. NEEDS TO BREAK OUT TO RESUME HIGHER TIME FRAME BULLISH TREND
GOOD AFTERNOON STEEMIT,
Why don’t people like Monday mornings again? They really don’t seem too bad to me:
Why is that do you think?
Well, yesterday I started reading and sharing my thoughts on Yanis Varoufakis’ Talking to my Daughter About the Economy. I’ve become a big admirer of Varoufakis’ seemingly common sense and moral approach to economics and this excerpt sums up why I don’t seem to feel the same way you do about Mondays:
Today’s labour market, driven purely by exchange value, has essentially re-enslaved you.
If you want to keep doing what you’re doing, dreading getting up in the morning to do something that will make someone else happy, then by all means go for it.
But if you don’t... then make a change!
Bitcoin Technical Analysis
Riding a wave of good sentiment after hitting support, let’s take a look at where the Bitcoin chart is at today.
As always, I start with a higher time frame chart and this is just a continuation of the daily chart featuring the levels that I’ve been sharing:
BTC/USD Daily
That short term bearish trend, shown by that down sloping trend line, has been capping price for too long. It feels good to see price finally testing resistance again and at least trying to resume the overall higher time frame bullish trend that price is in.
Now take a step down and have a look at the intraday levels:
BTC/USD Hourly
The Bitcoin hourly chart clearly shows price still just stepping up intraday since holding the bottom I talked about buying. I’ve simply added a short term previous area of resistance that has been retested as support to show that the run still has legs in it.
As long as these intraday step levels are still holding, then there’s no reason to be getting out of your position. Just be aware of the trend line resistance level that price is nearing.
It’s soon to be crunch time!
Best of probabilities to you.
Peace ✌🏻.
Instagram: @forexbrokr
Website: www.forexbrokr.com
This is yet another positive review of the book by Varoufakis. Looks like I should just buy it and invest the time to read. After all, unlike most of the other academicians and intellects in ivory towers and air conditioned offices, Varoufakis has real world experience. He had gone through the crunch during his very tough time handling Greece’s financial problems. The guy has a lot of credibility. At the very least, we should hear what he has to say.
As for Bitcoin, I’m speculating this: the market might become like mid-September to early November if/when BTC breaks past the resistance. That is, most other coins will see a fall when traders sell them to have more Bitcoin in their portfolio.
I’d definitely recommend getting a copy of the book. It’s not a big read and the language used is light so it’s actually quite fun.
Varoufakis seems to divide opinion. I believe he tried to do what was best for the Greek people by standing up to the EU. It might not have totally worked, but he keeps his credibility for trying to fight for what he believed was best for his people. I’m with him in believing the EU is wrong.
Always have a portion of portion of Bitcoin in your overall portfolio for this reason. Bitcoin is a beast of its own and it’s time in the sun will come again. Bitcoin is still king!
I do actually check on the coin market cap and think that bitcoin will slightly increase but eventually, it won't be the best coin to invest in. I now think to sell my bitcoin to U.CASH or Verge but still doing the analysis.
Moreover, according to my own analysis I still think that bitcoin may reduce it value even up to 6000$ and then increase to pick high (16000$) during the third quarter of this year
If this trend line resistance doesn’t break, then the short term bearish trend will continue and it opens up 6k like you said.
For now things are staying strong though. Fingers crossed the bulls can do it!
Ahahahaaaa....true. I'm trying to study other coins and see if I can invest.
Steem!
Bitcoin keeps messing with my emotions lately. It's like I'm in an abusive relationship with it...weird thing is, I can't let go.
Read through the marked part in that book and I'm sold. I need to read more books like this.
You know, life is somehow exactly that way, inadvertently moving from one form of slavery to another in the guise or hope of a better future.
Don’t let go man. The next leg up when that resistance goes, is going to be MASSIVE. Stay strong 😎.
Crypto can set us free. Just have to make the right calls and put your money to work for you in the right places.
Hopefully, the bitcoin will go up and will give us more value though I like the resistance that bitcoin is showing after being down and out for some time.
Yes, the charts certainly do show some promise.
@forexbrokr
I just turned a fan of Yanis Varoufakis.A man who was media sensation stood up to Europe in fight against austerity.after 3 decades in academia,he was elected as member of Syriza party as Finance minister in France.his new book "And The Weak Suffer What They Must?"including the origins of a crisis that has affected not only Greece,but all Europe..
That’s him!
Nice!
My new:
https://steemit.com/bitcoin/@analysisman/daily-report-btc-steem-eth-xmr-ltc-dash
What do you find nice about it?
I think we are still going to see bitcoin drop more times this year. These regulations being pushed would cause more dips but overall I think it's still going to soar way above what we've seen so far
After the CFTC came out so positively on crypto, I think things are on the up.
What other potential regulations are you referring to?
Very good and interesting information friend excellent graphics thanks for sharing with us, if you can support me with a vote I will be grateful
A downvote for spamming the entire site with the same, generalised, begging? Sure.