Bitcoin Price Tops $300: To the Moon or Blowoff Top Forming?
In the latest article it was stated: The Bitcoin price is back above US$300 where it hasn’t been since the summer’s Grexit fiasco. This has been a strong up move, in which the last 7 days have been positive (green candles). This type of price action has not happened in a long time. The 50 day EMA also looks poised to crossover the 200 day EMA, although this has not happened yet. “If price gets back above US$270 and takes out US$273, a run for the US$290-$300 area is the next target. This is major resistance and as has been stated many times: if price fails to break this area, expect major....
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The last article stated: The blowoff top did occur as price reached a high of ~US$500, before running into what is an area of major overhead supply. All of the indicators were flashing signs of extreme overbought conditions and while they have come off a bit as the price has declined they are still elevated even following the price decline of the last few days. The RSI has formed a double top and is now correcting. The MACD is starting to roll over as well but is still extreme. The DMI remains extreme but buying pressure is subsiding, which should lead to a correction as well. “The bull....
Last week’s article stated: The bull trend continues to look very strong. 13 of the last 15 days have been green leaving the price as of this writing at US$340. The indicators all remain overbought and extremely elevated. A blowoff top seems to be forming but that can take the price much higher than here. As noted, when the indicators start to diverge from price, it could be a top forming for now that has not happened. As the chart below shows all the indicators are at yearly highs. Price has also moved out of the top of the Bollinger Bands, which shows it’s moving into an extreme....
Digital gold is a reality despite its critics as Bitcoin reclaims the highs of its current level and makes a new all-time high at $69,000. As of press time, BTC’s price has experienced a minor setback but with the potential to take another leg up to $70,000. As this week has shown, moon season could […]
Today is a rare full moon called the Super Flower Moon that also happens to coincide with a total lunar eclipse that gives the moon a crimson color. For the most part, this should have no impact on Bitcoin, however, after seeing a moon phase chart its impossible not to notice at least some correlation […]
My working chart, showing Bitcoin price candles, grey volume bars, fractal highs(^) and lows(v), trendlines, support / resistance levels, Fibonacci retracement levels, MACD indicator and Moon Phases. I've discussed the use of all the indicators and line studies on my chart in previous articles, particularly this one. The only new addition this time is Moon Phases - note the two white full moons and two blue new moons in close proximity to price. Moon Phases show the extremes of the moon's waxing / waning cycle. I've included them as these lunar periods marked the last three significant....