Despite the FUD and post after post of individuals selling off at the bottom because they believe "Bitcoin is dead", I remain bullish
. Overall, Bitcoin
has been moving in parabolic bullish
pushes and of course, met with parabolic retracement periods. This retracement period may be near its end though, seeing as though it has recently broken through major resistance levels such as the price of $9,000. Along with this, recently the past candlestick
has broken and closed over the EMA
(200). This is usually seen as a significant bullish
move because it has finally broken through the downtrend that it was previously following. The price began to form into a pennant
, but by closing over the EMA
(200) the price was able to have a bullish
breakout rather than a bearish
one that was expected. The target levels here are calculated slightly different than they normally are when determining breakouts. In this case, the price is just expected to rise to the 38.2% fib retracement level with little resistance. The price currently is testing a previous resistance level
, if the candlestick
is able to close above this level, it will be a stronger indicator that the price will reach the target price much smoother.
Important Resistance Levels: $11,678, 10,000, 10,854
Important Support Levels: $8,882, 7,890
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CONFLICTS OF INTEREST
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Senior Research Analyst