Bitcoin has been going strong lately, it has been doing slow and steady grow up. This is good for the long term view of the market, and for the positive year that we are looking to have. But what comes next? Let’s take a quick look at the charts:
- We have been going up for almost an entire month on the daily chart. Slow and steady growth, this is a good signal.
- This week is forming a very strong candle, this weekly chart is looking incredibly bullish, all that is left is to break the strong resistance point to remain above water. We can go sideways and consolidate if this happens, but the possibilities of going back down are reduced by a lot.
- So far we are looking bullish all the way this week and with a strong close this week, we book another positive one.
A bit more details and some possible scenarios for Bitcoins detailed
We are yet to break the strong resistance created by the downtrend that started on the 17th December, so here are a few scenarios of how it can go:
- If the price keeps on going up and this resistance is broken. We trend up strong. (We need to close daily above it and remain above it. You can see the chart that I posted earlier. Weekly is even a stronger signal).
- If resistance isn’t broken, we might start to go down again and we focus on support levels rather than resistance.
- Sideways is also possible, it can go sideways for weeks to consolidate if we remain at the price levels we are now or if we broke the resistance up but slow and steady without push momentum. So far it is looking like this is the case but you know how this market works, it can all change very suddenly…
Altcoins market update
The Altcoins market is still down, this is where we trade.
Yes it is great to have Bitcoin going strong again, but as I explained in some other updates, it takes time for the Altcoins market to finish this phase.
Once Bitcoin is fully stable and the uncertainty is gone, the entire market will start to stabilize and that’s when the alts will start their move up.
This is just a quick update, so you know what is going on.
Thanks for reading again my friend.
Thank you for your continued support.
Bitcoin Update (Fighting resistance now!)Bitcoin is now facing the strongest of all resistance, if this one is broken and confirmed (close and remain above it), the downtrend would have been completely cancelled and Bitcoin would be in a full uptrend.
Here is the chart:
Bitcoin breaks strong resistance line!
This is Bitcoin, we are now completely above the resistance line, this is a 4 hours chart:
This is great, but we still need to stay above this line for the breakout to count since we closed below it yesterday.