I indicated in my last analysis, Bitcoin was moving on up and the trading action appeared very healthy. I was rooting for a sustained move above $10k (2nd major resistance line IMO); and thus far, Bitcoin has sustained that move.
The third line in the sand is steadily approaching. That is; if Bitcoin can power through $12,500 with volume and trade above that level; it will signal to me that we have a fighting chance at retesting the previous $20k highs.
Pulling back from the current level of $10,800 does not signal failure. A minor pullback to the low $9ks would actually be healthy price action for the overall trajectory of the chart.
I remain bullish on Bitcoin.
Long Live Satoshi, Long Live Crypto!
DISCLAIMER: Nothing on this site shall be constituted as investment advice. Cryptocurrency is a highly, note, HIGHLY speculative market. The returns are great but so are the risks! As with investing; I never invest with money I can not afford to lose.
Tina "ShortMeTina" Ley (pronounced Lee) holds a Bachelor of Arts in Forensic Psychology and a Master's of Science in Mental Health Counseling and has been a stock market participant for over 10 years. Currently a Full-Time Trader and Blogger of all things financial.