Bitcoin: The Chart Pattern Looks ‘Encouraging’

Bitcoin: The Chart Pattern Looks ‘Encouraging’

Bitcoin: The Chart Pattern Looks ‘Encouraging’

$BTCUSD

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,

Wednesday, Bitcoin rose above $9,000 and held above the Psych resistance in its measured recovery from its lows.

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

As a technical analyst I understand that price charts are important with all commodities, currencies, stocks, bonds and Bitcoin.

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…

The following two tabs change content below.

Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

Latest posts by Paul Ebeling (see all)

You must be logged in to post comments :  
CONNECT WITH