Bitcoin (BTC) Morning Update: Budding SIgns of Major Breakout
SUMMARY
Note:
I'm on the road so short summary. Video has more details.
Overnight, price has delivered the buds of an early breakout above the blue long term resistance (white circle). It's important to understand that the seller strength is totally sapped after giving their mightiest efforts to kill Bitcoin. It's also important to understand the role of the short coverings will have in this rally. As the seller strength was sapped, the population of short sellers have increased proportionately. Their short covering or buy to cover actions should add fuel to this breakout. What's next? Price needs to stay above the blue line to rise higher to make the breakout decisive.
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People sold at 6k to buy back at 3k. Looooool
Thanx for research :-)
Agree, if we close today above the daily trend line, I believe price will test the sellers at $8500 next.
analysts have so far mispredicted.. since they were expecting something massive on or after tax day.
Finally we are seeing less sideways action and something that resembles the start to a bullish run! Fingers crossed for a close today above 8k! Second half of 2018 here we come! :)
It's going sideways today. Let's see what happens in the next couple days.
Yes it has been going sideways today, and I think we go down before we go up more as I explain here: https://steemit.com/bitcoin/@investingtips/bitcoin-distribution-spotted-time-to-short
It feels like the tide may be turning. Exciting!
Lovely post here love it. I am very happy to read your post. Appreciate this real words. Follow you and resteem this post.
The next few days will tell the truth of whether this is a bull run or not. Usually the price drops on the weekend, following a significant rise. If the bulls can hold off the bears and bad news of millions of dollars of missing bitcoin, another bull run is more probable. But, for now, I remain cautious. After all, most of the institutional investors, millionaires, and billionaires want security. They don't want hackers and mistakes from crypto exchanges to cause them to lose millions in an instant.
Interesting article and very informative, thanks for sharing. I've smashed the upvote button for you!
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As usual, very insightful analysis Haejin. I wonder, do you look at LOG scale at all? Does it bother you bitcoin hasn't yet broken out of the descending triangle on the LOG scale chart? I cover that and more here:
https://steemit.com/cryptocurrency/@workin2005/bitcoin-confirms-bullish-breakout-small-correction-before-next-wave-up
Would love to get your expert thoughts. Thanks...and keep up the great work.
YES! Thanks!
Bullish if break above $9200
or
Bear breakdown to test $7900
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