Cryptohopper Analyses
Bitcoin is unleashed. Back in January, February and March of 2018, the price tried to break $11,500 even 4 times, all of them were unsuccessful.
Yesterday, Bitcoin was hovering around that level, an important part of the crypto community was expecting this level to be difficult to break and therefore taking a bit longer to break it upwards. However, BTC completely ignored this key resistance and reached $13,000 in some exchanges.
As we can see in the chart, this movement has been accompanied by a spike in volume. Very possibly, this means that a lot of people that bought some days ago, closed their positions at $13,000, then creating long upper wicks around that level.
Next? We can expect a small retracement to S1 or the thin line above it, which a lot of investors will take as a buying opportunity, therefore pushing the price up again.
—CRYPTOHOPPER—
Bitcoin is unleashed. Back in January, February and March of 2018, the price tried to break $11,500 even 4 times, all of them were unsuccessful.
Yesterday, Bitcoin was hovering around that level, an important part of the crypto community was expecting this level to be difficult to break and therefore taking a bit longer to break it upwards. However, BTC completely ignored this key resistance and reached $13,000 in some exchanges.
As we can see in the chart, this movement has been accompanied by a spike in volume. Very possibly, this means that a lot of people that bought some days ago, closed their positions at $13,000, then creating long upper wicks around that level.
Next? We can expect a small retracement to S1 or the thin line above it, which a lot of investors will take as a buying opportunity, therefore pushing the price up again.
—CRYPTOHOPPER—
Is this something we should worry about? No, it is not, retracements are good for trending markets. A price that only grows doesn't have a solid ground in which it can be held and supported to continue having increases.