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,
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.
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