Chartpattern shows now that the inverted Sead & Shoulders Pattern us succesfull completed and giving more room and momentum to the upside.
Short term target is 11k. Also BTC could accelerate momentum and rise to 12k in one, direct move from now on.
Holders for sure don´t like to hear this. BTC now is answering same way to Fibo Retracments than any other markets. BTC now belongs to the "Establishment" of all traded major markets. The Chart is showing how BTC responded to the 0,382 retracments. This happened so precise and fast that it easy to anticipate: Algos now dominating BTC like any other market as well.
Next target should be now 12k or later 12,9k (0,5 Fibo Retracement)
Bitcoin hit a three-week high on Tuesday and has surged nearly 100 percent from its lowest level this year, as its recovery continued after South Korea's financial regulator eased its stance on cryptocurrencies, weeks after it considered shutting down digital currency exchanges. Analysts cited South Korean news agency Yonhap, which reported Choe Heung-sik, governor of the Financial Supervisory Service, as saying that the government will support cryptocurrency trading if "normal transactions" are made. Reuters is unable to verify the Yonhap report.
SL triggerted @ 11.550.
re entry if BTC cross downtrendline to the upside again.
Regulators have taken an increased interest in the digital currencies. On Thursday New York Fed President William Dudley described cryptocurrencies as “dangerous” and that there was a “speculative mania” about them. U.S. regulators are investigating the Bitfinex exchange over its links to digital coin Tether, amid fears that it is being used to artificially inflate bitcoin prices.
Meanwhile in Germany, the Federal Financial Supervisory Authority (BaFin) was planning a “case-by-case examination” of ICO tokens, while France’s Autorite des Marches Financiers, the country’s top financial watchdog, has announced all cash-settled cryptocurrency contracts are subject to the country’s strict derivatives laws as well as an advertising ban.
The UK Treasury Committee is also launching an inquiry into cryptocurrencies to investigate whether the technology behind Bitcoin poses a risk to central banking.