BITCOIN broke out!! What it means for us?
Hello everyone!! I hope you guys had an awesome weekend. 😃
It's your friendly neighborhood Lj again for your daily dose of Price Action.
For this segment, I would like to discuss the recent move of BITCOIN.
BTC finally breaks the curse of 10,000 USD. For almost a year, BTC can't surpass this huge resistance level.
Every time the price touch this area, it just gets rejected fast.
This is not the case that happened right now because it just went through this level easily.
We can also see in the yellow arrow that the Volume traded has surged dramatically, that means there is really a conviction from the buyers of this move.
This is a really good indicator that this break out its not just a trap.
Aside from the current crisis that is happening, I think one of the reasons of this move is the flowing money of profits
from the recent price run of the multiple Alt-coins. Most of these altcoins already corrected and I think those profits are
really flowing into BTC right now.
I think the movement of the price right now can really indicate that we are already starting the BULL market
as long as BTC doesnt go back below 10,500 area, we are really in the bull market territory imho.
So what does this all mean for us??
Its good to keep an eye on this one and get ready to participate (if you haven't already).
The potential profit for this is really big when we think of its market cap which is still small compared to the traditional markets.
As always, have a good plan when participating the market and don't forget to have a proper risk management in place.
Stay safe and stay happy!! 😃
If you want some chart requests or want me to analyze some crypto or asset, just comment below and I will post it next.
Thanks!😃
Till next time guys and gals,
Cheers!! 😃
Disclaimer: This is not a financial advice and for educational purpose only.