Bitcoin Rally Is Just the Beginning
Well, what a difference a day makes, as the saying goes…. Those who follow this column regularly will notice that the 8-day chart looks different today. I noticed last night that if the bull setup is expanded to begin at the end of the bear market in Jan 2015 and sized to the downturn in July of that year, the last green bar closed EXACTLY at the 5th arc. I wish I had been using this setup all along, but hindsight is 20/20 of course… In any case, at the very end of the last column I suggested I was done with the bull trade for now. Like everyone else, I wanted to ride the wave all the way....
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I wrote an article just yesterday in which I suggested a target of $1,000 was on the horizon for bitcoin. Taking my own advice, I went long as a result of that analysis. However, I have since closed that long position as a result of subtle indications on the 2 hour chart that support might be failing. As you can see, when price fell, price bounced odd the 2nd arc and re-entered the sphere of the 1st arc. The arc provided support for several candles. This was the bullish event that led me to believe that another bitcoin rally was likely beginning. However, at the red arrow, the 1st arc....
DeVere CEO Nigel Green has recently shared his outlook for the current bull rally. Bitcoin has been on an upward trend since the beginning of October, hitting multiple all-time highs since then. The rally does not seem to be slowing down soon and market analysts do not believe it will. The current trajectory, as analyzed […]
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Bitcoin has broken a new five-month high on Friday after breaking above $60,000. The digital asset had begun its ascent weeks prior at the beginning of October, a historically bullish month for cryptocurrencies. This rally has been mostly driven by rumors that the SEC is set to approve the first Bitcoin ETF in the United States. With news like this circulating in the market, traders have ramped up their activities in the market. The rumors have triggered massive buying activities in the market and this has led to the price rally we are currently witnessing in the market. Related Reading....