Bitcoin Showing Some Signs of Life!

2018年7月17日

Hello, fellow crypto enthusiasts and investors! So with the nice surge higher that we have seen in Bitcoin and most other cryptocurrencies over the last few days, I just thought I would once again publish a chart showing what I believe are important steps Bitcoin needs to accomplish in order to keep up the bullish momentum (Listed below, they are also on the chart). Bitcoin has made an impressive move with some pretty good volume but is this really the start of a sustained recovery or just another temporary bounce higher? If I really knew the answer to that I would either be buying all of the Bitcoin I could get or shorting the shit out of it! Unfortunately, I don't know the answer and will just have to watch the price action for any clues that it may provide. As many of you most likely are aware, I am very bullish on cryptos long-term but feel that this boom and correction cycle that cryptos are working through may have quite a while to go yet. So, I am not yet convinced that the double bottom we saw between $5700 and $5800 was actually the real bottom or just a short-term bottom. Believe me, nothing would make me happier than to see Bitcoin and all the other cryptos skyrocket higher from here, however, I am trying to be patient and not get my hopes up every time there is a large move higher. My gut feeling right now is that this is more likely just a short-term bounce higher and that Bitcoin will most likely fail to push through the resistance zone from $7800 to $8000.

Below are the important steps I believe Bitcoin needs to accomplish in order to keep moving higher.

Important Steps for Bitcoin
1) Pushing above and staying above the 100 SMA (daily time frame)
2) Breaking through the Pink downtrend trend line
3) Pushing above and staying above the 200 SMA (daily time frame)
4) Push above and stay above $10,000