Not a good day to be a Bitcoin short!
Bitcoin is finally doing something we haven't seen in a long time...
In fact bitcoin just did something it hasn't done ever since the bear market started back in December of 2017...
It broke it's long term downtrend line to the upside:
(Source: https://www.tradingview.com/chart/BTCUSD/WSx4BdlU-Bitcoin-the-bear-market-is-over-get-used-to-it/)
Rut roh...
That is not a good sign for the shorts!
In fact, several technical indicators are suddenly turning bullish...
We also are starting to see some moving average crosses we haven't seen since the bear market started either.
The weekly chart is showing a 10 and 20 MA cross...
Check this out:
(Source: https://www.tradingview.com/symbols/BTCUSD/)
Things are suddenly starting to look very bullish on the charts.
I would not be surprised to see bitcoin test $6k within the next few months.
I don't expect us to test the all time highs for a while yet, but I think we are in store for a good next few months.
Stay informed my friends.
-Doc
Bitcoin isn't quite clear of every downtrend line, but it's getting very close.
Shown above is a 3-day candlestick of the logarithmic Bitstamp chart and we can clearly see that it's testing the downtrend line drawn across the lower highs, excluding the high from the all-time high, which technically still counts since it includes at least three separate touches ("tests").
I expect a pretty deep correction off of this test of the line, but that's not to say that I don't think we're in the process of cycling into a bull. The first step of defeating a resistance is to first test it and the battle isn't too often won on the first attempt, especially when that resistance has many repeated tests in the past that resulted in large corrections and much time having passed since the last test, which is precisely the case as we speak.
It is now. :)
Below is a more zoomed in 1-day candlestick of the same chart, for those interested.
Notice that it's literally sitting right on that line on day two, after having failed to breach it (putting in a relatively large daily wick above it) on the day of the breakout. It could stay near that line for a while before it decides to make its next move, but, odds are high that the direction it chooses is down (based on what I mentioned in the first comment).
That line can possibly be drawn slightly more vertically and still be valid. Which in that case would indicate it's already been breached. I say all the major downtrend lines are broken.
😂😂😂
I don't feel bad for them. I never liked the fact that one could profit from the demise of something.
Up up up trend so that my loss covert to gain
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Ha. Yes that would be nice!
Im not going to say I knew this was going to happen, but saw a lot of people calling for rejection off 4.2k or moving to alts.
Sentiment, has finally reached what I think is a pretty good low where most people call for rejections at resistance instead of preparing for a push through.
Id be ok with BTC ending the year at 6k and more slow steady growth and support building for crypto prices.
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Yep, so would I. Holding between $5k and $6k rest of the year would be ok with me.
I been calling it.
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You and me both.
The shorts had it coming! I read that over $500 million shorts were liquidated at BitMex alone!
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Yes I saw that too. I don't feel bad at all. Sitting at $3,000 felt artificially low to me anyways, they were likely responsible for helping drive prices that low in the first place.
And Litecoin is doing even better! Last 3 months now stands at 157% gain...
Yep, I believe litecoin has been the leader of any of the top coins over the past 2 months. Binance coin is a close second.
True that. BNB seems a good investment.
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I think it is. It is one of the few cryptos that is actually backed by something. The better the Binance crypto exchange does, the better that coin will do. It's like buying equity in the exchange.
I would not be surprised to see it testing 6K in the next few days!!
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I wouldn't either. $6k is a major resistance point. I don't think we break that in the short term.
Time to buckle up our belts because the rocket is going back to the moon.
Not sure about moon just yet, but we definitely are lifting off the ground finally!
What a surprise :D
This move may have single handily flipped the charts from bearish to bullish... very big deal for crypto land.
Indeed, forgive my sarcasm, I just thought this event was extremely predictable.
The resistance line was extremely weak and support was incredibly strong.
You called it. Nicely done!