In our last review on Bitcoin, we wrote about a purchase signal from the MA cross and the need to withhold the $ 9,500 level to create a technical picture of sustainable growth.
And Bitcoin did everything needed!
The slow moving average turned upwards and was used as a support level, from which the rate pushed off and rose again above the $ 10,000 mark.
Now, to send a signal to long-term investors about the resumption of growth after correction, it is necessary for the rate to rise above $ 13,000 (the middle of the fall from $ 20,000 to $ 6,000).
And it is quite possible that this will happen.
In this case, an important sign of a long-term nature of the new wave of growth will be the relative silence or even negativity of the news background. If there will be an agiotage, cries from the media about the growth to $ 20,000, $ 50,000 or more, positive news, etc. and so on, this will most likely be a trap for the buyers and a subsequent dump will follow.
There is also an option without growth and without a fall: a flat at about $ 10,000. Long-term is rather a positive option. Before a big wave, a long period of flat market is technically and psychologically necessary.
Of course, there is a decline option, however in our opinion now it is less likely than the continuation of the bull game.
Taking into account all of the above: buy at about $ 10,000 with a target of $ 13,000- $ 14,000 and a stop under $9000
I still believe we need to take a step back in time to analyze the last bull run in 2014-15 thinking long term and looking at the macd weakly. I still believe we will see a retest of 6k or even punch thru it. Macd on weakly imo needs touch bottom or make a confirmed cross.personally i will go bullish when weakly macd has crossed (not touched)or hit bottom. My analysis is based off the pass anf believe that this will either explode up or slowly rise and retest bottom levels and than some.Thanks for your post please let me know what you think based off the passed technical analysis.