Bitcoin: the next 2 big resistances before the moon
I am waiting the next bitcoin bull run, you are waiting the next bitcoin bull run... everybody is is waiting for it.
Yesterday we broke the symmetrical triangle upward.
The price got stopped by the 0.618 Fibonacci retracement of the previous bear action, for the second time: the past one was on the 25th March where it got blocked by both the Fib. level and the daily SMA-200 (see the second white balloon).
They are the resistances to keep an eye on!
Let switch to the 4H chart
The volume hasn't been really big, nor the momentum, according to the RSI that didn't went above 80.
This is why I don't rule out that we may momentarily retest the top of the white triangle.
What is more encouraging is the forming flag pattern, which are good indicators of bullish continuations:
A current strategy would be to wait a clear break of one or both the current resistances to buy.
By a clear breakout, I mean the price closing above the level you are watching: be sure to not buy into a wick!
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How much of your portfolio do you hold in bitcoin?
Zero. Pick the right altcoins, and you get way more growth possibilities.
But due to the strong correlation of price with BTC, it's important to keep an eye on it.
Thanks, seems like a lot more growth possibilities with alt coins
Lets hope btc breaks it would be good for all coins:) if it doesnt break and go back down we might see alot of coins going down aswel.
True.
If there is an old-school bull run of BTC, altcoins could lose value against it, before they get their own rally. But it's to risky to sell your alts for bitcoins, so I keep my portfolio like it is, for the moment.
I agree ! I expect the 200 SMA to be a major resistance. I also think that a pull back will be in order as I we are pretty extended from the short-term moving averages (the 8 and 21-day). Thanks for sharing your knowledge ! Appreciate it :)
Indeed, the price touched the 200 SMA yesterday before going down again.
But it still look bullish for me 😀
I heard that tomorrow SEC will come out with a decision whether ETH is a security or not, so it might cause some ripple's across the board :)
P.S. How do attract all that support to your articles ? I understand that they are well written and good but still I have never been upvoted by a whale :D
I don't worry much about SEC's decision, whatever it will be. But yeah, in the meantime it can prevent a rally and make everyone more prudent.
The BTC price touched the top of the white triangle with a wick, for me it sounds all good.
This article have 111 humans votes, the 32 others have been bought to bots (rocky1, bumper & smartsteem dot com). I think getting on the trending page and having a lot of followers helps to get exposure and thus, support.
yeah, sure ! Keep up the good work :)
The bullish run would likely continue due to South Korea legalizing ICOs soon where we expect this crazy crypto market to play big time. On top of that, Ethereum's "sharding" would improve the scalability of its blockchain that might contribute to help BTC's amazing bull run anytime soon.
I'm still fingers crossed though. We are still not yet recovered after we hit an ATH of more than $19k last December before it goes down as much as $5,700. This month seems to be an interesting one for crypto traders and investors.
Thanks for sharing this @toucancrypto. I have resteemed, upvoted, and followed you of course. Your articles kind of interest me. Looking forward to learn more and can't wait for your next one.
Cheers!
Jeff
thanks for the info moon is comming soon
I see a big inverted asymmetrical head and shoulders there :-)
Nice catch 😉
It has a double head!
the bitcoin has recently been established between 8 thousand to 9 thousand dollars does not rise or fall more there.
I've noticed that this kind of up and down behavior is good for short-term investment
Always sharing useful info
Thank you dear @toucancrypto
that's why Goldman Sachs ? or ? i had over 20 BTC the last entire BTC was Last yeard in 11/09/2017 i sold For 4500 $ :( sadly :(
Your exit point wasn't good but, you should ask yourself if there is still opportunity to make money or not.
Congrats on almost hitting 6 figures with that sale though!
Yes, keep it positive!
Would you think the bitcoin price trend this year might mirror those of the past? or are we entering new territory here?
I'm bullish for the long term, but a lot of things can happen in a year 😉