Our top was hit on the 17th December, the famous Bitcoin All Time High, which we hit around the $20,000 price level. That's $20,000 USD per Bitcoin . Remember that the wildest dreams of all cryptocurrency traders, holders, analysts, miners, enthusiast, and others, was to reach an ATH that can be now considered very cheap, which was $5,000 USD per BTC . At that time it seemed incredible and for many, impossible... Of course, it doesn't look that impossible right now, as I am going to talk about a $8,100 Bitcoin bottom...
Bitcoin started to decline after this date above and hit rock bottom on the 6th February 2018, at a low of $6,000 USD per BTC on BitFinex. We bounced from this level but we were still trading under lots of pressure from the downtrend created back in December when the price started to decline.
We went down again and by early April we hit rock bottom again at $6,425 on BitFinex. Now, we were definitely trying to retest the $6k bottom from early February, but the price bounced before reaching that point so we couldn't retest 6k, the bulls held their position strong... After that, Bitcoin became , it started to go up and on the 20th April it broke the famous downtrend that started back in December, we got out of the negative waters , we started a new trend, the uptrend that we have been riding for the past 1.5 months.
Now we've come to a deciding point, we have the resistance at the $10,000 level and Bitcoin went down because it couldn't be breached. After correcting nicely from the high of $9,990, it seems that $8,100 is the bottom that Bitcoin has been looking for to get back, to compete and to finally win.
Looking at the on the 4h , the bouncing from oversold, the and crossover, we will try the higher resistance levels once more.
On the short term, we will find resistance at the $8,700, $9,100 and $9650 price points. After that we move higher, but before we get there, let's see how Bitcoin will deal with the bears in the next days and weeks to come.
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What I describe above is a bullish scenario based on many different chart indicators and signals.
Many bearish signals can be spotted as well if you look at the charts and several different time frames. You choose which scenario you want to entertain, as you can entertain both, but trading should always be based on what is happening, rather than what will happen next month.
So if we are in an uptrend and moving up, we follow the trend until something goes wrong.
But if we are going down... It is all about the next "support"...
If support holds, we continue our climb and try to move up, breaking resistance after resistance.
If support breaks, we go down and test or retest the next support level.
I am bullish on Bitcoin, I've been bullish since we broke the major down trend line. But I am open to all possibilities, and I can accept, fairly easy if the price doesn't go our way.
So use this information as part of your overall strategy, and make sure to do your research before you trade.
BITCOIN will definitely exceed all expectations, as usual, that's what I think will happen this time around as well.
We also have good signals short term, we might have a pump soon. My "soon" is bsaed on a few days.
Thanks a lot for reading this post.
Enjoy your weekend.
Enjoy your day.
Something is happening in 5th or 6th day in every month. It could be peak or lowest value in the month. Eg: Feb 6th, Mar 6th, Apr 6th and May 6th. Let's see if BTC drop to $6500 in June 5th or 6th.