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.

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Stay tuned…

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