Bitcoin Trading - April 23, 2017

Wow, the market is really having trouble getting past $1250, huh? I knew we'd bounce around here for a bit, but I thought we'd move past it by now. Maybe everyone is waiting to see what Litecoin does, and trading it right now. I don't know. $1250 is a psychological number for Bitcoin, so maybe we just need more time to build confidence around this price before moving on. I'm still keeping the short term trend channel, because that trend was strong, and I do believe we'll rise back into it soon. Something else is forming that is interesting. If you look below, you'll see another ascending triangle forming and price is consolidating nicely towards the tip of it.

I expect price to breakout to the upside and climb towards $1300 once this consolidation is finished. Overall, I'm still very bullish Bitcoin for the foreseeable future. Let's take a look at the weekly chart below.

As you can see, we are still dead center of our long term weekly trend channel and still building a green candle. That seems bullish to me still. I think the market just needs a little time to accept $1250 as support, and the trend will resume.

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Disclaimer: I am not a professional. Trading is risky and you could lose money. Only invest if you're sure what you're doing.