[ Bitcoin ] The Bitcoin bears taking profits. Will the next run break resistance to the top?
Yesterday we could not break resistance at about $11700. There was some profit taking and the bears took us to $11195 on Bitstamp.
The overall move in the last month is still up from the low of $6116 on 6 Feb. We are in consolidation now at $11270. Will we see another breakout to the top today? We have seen 4 upward moves since 6 Feb, but it is looking smaller and smaller.
Source: One month bitcoin chart from bitcointicker.co Bitstamp prices
Tone Vays made a video about 4 hours ago with the latest technical analysis of Bitcoin. On the weekly chart Tone cannot conclude anything. So that sounds like a no trade zone then.
On the daily chart there is a lot of action according to Tone. Tone is optimistic on the daily chart because he sees a cup and handle on the chart. Tone also notes that we are above 5 levels of resistance. These have now turned into support. See video below for more info. We are above the 128 day moving average too.
What do you think of the current bitcoin price? All the way Up again to break $11750?
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I hear the cup-in-handle formation from a few source now and it looks pretty good indeed. If you form a cup-in-handle on the daily, that's a strong bullish signal and it might be enough to finally break that 11.5k resistance level. It's been a hard fought battle already!
Sounds good to me. I am glad you agree. Other people will see it too and I trust the Bulls will break through it soon @tuwore
tweak it :)
That did not work?
The chart and price prediction I think
I think we need volume to start picking up again to continue the run further, people that bought at 6k might be tempted to sell at these levels without volume support.
Yes we got volume, but on the way down yesterday. :(
Yeah all im looking at nowadays are the actual volume, as the market cap is pretty much standing still between 420 - 500. Some volume rise is what we need, such as $40.000.000.000 instead of $17.000.000.000
But can we trust the volume numbers? Each exchange has different volume climax.
Go Bitcoin go, it will certainly pass $11750 mark.
Upvote & Resteemed.
Fingers crossed, dipped this evening again. :(
Ono, where are the bulls?
They are coming soon
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