Bitcoin Trading - August 13, 2017 - All Time Highs!!!
Holy Smokes! Bitcoin is scorching the earth right now! Now that Segwit has locked in the market has some much needed clarity and is responding with overwhelming exuberance!
Houston, we have lift off!
The Bitcoin price broke $3500 the day before yesterday and skyrocketed all the way to to $4200 earlier today, before pulling back to $3900, and settling in at it's current price of $4090. This bull run comes on the heels of Segwit Lock-in on the 8th, and lots of BCash being dumped for Bitcoin. The dumping of BCash has had an interesting side effect of even more Bitcoin scarcity, as Bitcoin Hodlers are increasing their hodls by another 10%. This has taken quite a bit more Bitcoin off the exchanges.
There is another circular effect at play as well. As Bitcoin goes higher and higher, more traders are selling off their altcoin holdings to acquire more Bitcoin, further pushing up the price and taking even more Bitcoin off the exchanges!
On top of that, the mainstream media is talking about Bitcoin as well, which is causing more FOMO, taking even more Bitcoin off the exchanges as more people come into the space. It's a perfect storm, and it's awesome!
All that said, let's take a peek at the charts and see what they're showing.
I've extended the old resistance line(orange line) from last month to give a little perspective as to just how big this run has been. Last month, I was looking for the price to break it's resistance at $2669 to retest the $3000 high. Then all the talk of BCash started and the price fell to a low of $1759 on July 16th. That means this run has actually been from $1759 to $4090, in other words, a $2300 rise in one month!
The Bitcoin price did indeed break $2669 and bounced off of it many times(green circles). All these bounces off of $2669 tell me that $2669 is a significant psychological number for the Bitcoin market. I don't know why, but last month it was significant resistance. This month it has been very significant support. We have no less than SEVEN bounces off of that price level. Pretty cool, eh?
The price also retested $3000 a time or two(red circles), but it became a resistance level... until Segwit locked in. Since breaking the $3000 resistance level, there has barely been so much as a pause. The price has gone up nearly constantly until the pullback today. It was an almost $400 pullback and it looks tiny, even on the hourly time-frame! The price has almost completely recovered since the pullback, which shows an increased demand for Bitcoin. It looks flat out STRONG.
Wheeeeeeeeeeeeeeeeeeeee!
Bitcoin is also forming an ascending triangle(green triangle), so we could see another pop when price breaks over $4200. Buckle up, folks. Things are about to get even crazier, I believe and as always, keep your stops tight and trade safely.
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