Bitcoin: The Chart Pattern Looks ‘Encouraging’
When Bitcoin took a deep dive of it’s nearly $20,000 highs to below $6,000, many retail participants worried that Bitcoin and the other cryptocurrency were headed to the scrapbook.
Technical analysts, of which I am 1, believe that Bitcoin passed a a Key marker that gives us confidence that now that is found a bottom it will gradually keep moving North, backing and filling along the way,
The price also crossed $9,000 on 10 February, but was rejected there.
Currently, Bitcoin is trading at: 9,411.75, -72.88, or -0.7684%, as of 1:43a GMT, the market is open
Although with Bitcoin price is the asset, and it cannot be evaluated by looking at cash flow or assets like a stock.
There are no underpinning fundamentals, so the technical pattern is Key, and savvy traders are solely focused on technicals.
The $9,000 mark is Bullish because it marks the break above the top of the most recent downtrend channel, or the Psych mark
The next upward price mark to watch is $11,000, which represents the Top of a more extended downtrend channel.
Notably, $11,000 was a Key support and resistance mark in December and again mid-January, so I expect it to act as resistance when it is tested again in the near future.
Got questions on Bitcoin, Ethereum, Ripple or BitConnect? G-BiTX has the answers, the company has launched a channel on Telegram to help people navigate the world of CryptoCurrencies.
Join the Channel Now, Click Here
Open your G-BiT X Account today.
CryptoCurrencies is not about Tax Evasion or Money Laundering, real hardcore fundamental CryptoCurrency Exchanges like G-BiT have seriously tackled the Money Laundering and Tax issues, that’s why they have such a bright future. While the Establishment still wants you to be hit with heavy fees and delays sending money around the world the reality is that is legalized theft built in to the Banking Sector and is not a product of cost or reality, CryptoCurrencies have proven that!
Stay tuned…
Bitcoin: The Chart Pattern Looks ‘Encouraging’ added by Paul Ebeling on
View all posts by Paul Ebeling →
Paul Ebeling
Latest posts by Paul Ebeling (see all)
- “Risk Assets Have Room to Run” - June 19, 2019
- Transform Stressful Thoughts into Healthy Productivity - June 19, 2019
- The Street’s Key Stock Analysts Research Reports - June 19, 2019