Is Bitcoin About to Pump to Around $6,500?

Here is the Bitcoin chart for the last 6 months. When you take a look at our dip down to the $3,000 levels in November 2018 we see it went straight down with a failed attempt of trying to find support at around $5,500. Old supports that don’t hold become new resistance points on our way back up.

If you have been following my blog I had said I expect to go back to $6,500 when we saw the initially breakout in March. I said that we should go back up to $6,500 with a small resistance at around $5,500 which is what we saw. As this level failed to support us on the way down I don’t see it as a big resistance and expect to crush right through it all the way up to 6,200-6,400 where we will be met with a very strong resistance at our old key support levels. I believe we should see a nice move upwards in this next week.

There is still a lot of money on the sidelines waiting for a confirmed market reversal to get back in crypto. $6,500 is the level where most in the space agree would be the confirmation. There are some that still believe this is a bull trap and we will still go down but like I have been saying since the end of January that I believe the market was in the process of a reversal and we will continue to go up. I’m actually surprised at how fast it is moving up. I was expecting a longer accumulation period before we saw a big breakout but it seems we are moving a lot faster. When the rest of the money on the sidelines comes back into the markets we could easily see a climb back up to 10k which would bring back the get rich quick and retail investors. The crypto markets are so small compared to other big markets that a big wave of money coming into the space could cause parabolic movement in the price of BTC as we saw in 2017.

Everyone in the crypto space thought we would see one last low before going back up. Everyone agreed we were close to going up, they just thought we would see one last low before doing so. In the markets you need to have a contrarian way of thinking as the markets tend to do the opposite of what everyone thinks it will do. In this case everyone agreed the markets were ready to go up just after one last new low. That is why I strongly believed we were not going to see a new low and that the bottom was in mid December of 2018. Since February I have been saying this is the time to accumulate and the best way to do it is to dollar cost avg even if your expecting that one last low. That way if it went up you wouldn’t miss out and if it did go down you could buy more for cheaper lowering the avg cost of the tokens you bought.

When Bitcoin moves alts all go down and when Bitcoin settles down alts start to run. With the recent movement in Bitcoin prices in alt coins dropped big, giving another good opportunity to get some alt coins for cheap before we take off to the moon. 🚀🌘

This is all just my thoughts from my experience in the markets. By no way am I an expert in trading or a financial advisor. These are my thoughts that I share with my fellow STEEMians. Always do your own research before investing in anything. Drop a comment let me know what you think will happen next or what you think about my thoughts. Lets keep the conversation going in the comments section, I like to hear what others think.

Be sure to follow me for more crypto content and hit that upvote button to help support my blog. Thanks to all my followers you guys are why I keep going. I had been a little busy of late with the family and haven’t been as active as Id like here on Steem thanks again and as always Steem On Steemians♨️🚀🌘

#Bitcoin #BTC #CryptoCurrency #Crypto

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