I'll keep it short and simple.
Before we dropped from 6k there was a very clear descending triangle forming.
Bitcoin kept making lower highs and support kept getting tested over and over again.
A lot of rookies don't seem to realize this, but the more support gets tested, the weaker it becomes.
We are now seeing the mirrored version of this.
We're in an ascending triangle, volume is high on the up-moves, we made a higher low, but most importantly; resistance keeps getting tested over and over again.
Same thing: the more resistance gets tested, the weaker it becomes.
I'm not saying the next bull-run just started, but the chart is telling me that we're bound to burst through this 4k resistance.
We're almost certainly going to see a move to 4.4k. After that we'll have to re-analyse the situation, but it might keep going to that little consolidation at 5.5k.
In short: I'm bullish.
Cheers.
Before we dropped from 6k there was a very clear descending triangle forming.
Bitcoin kept making lower highs and support kept getting tested over and over again.
A lot of rookies don't seem to realize this, but the more support gets tested, the weaker it becomes.
We are now seeing the mirrored version of this.
We're in an ascending triangle, volume is high on the up-moves, we made a higher low, but most importantly; resistance keeps getting tested over and over again.
Same thing: the more resistance gets tested, the weaker it becomes.
I'm not saying the next bull-run just started, but the chart is telling me that we're bound to burst through this 4k resistance.
We're almost certainly going to see a move to 4.4k. After that we'll have to re-analyse the situation, but it might keep going to that little consolidation at 5.5k.
In short: I'm bullish.
Cheers.
And like I showed on the chart, there is a big gap with no real resistance anywhere.
Almost got to my optimistic 5.5k prediction!
This is incredibly bullish, but I expect a range to form here between 4.4k & 5.5k.
This is the perfect opportunity to buy the dip on altcoins.
Cheers.