Bitcoin - The End of the Turbulence?

fisch (54)in #bitcoin • 7 years ago

This post will act as conclusion to the previous two on the topic of Bitcoin's current adjustment period.

More weight has been put on the bullish side of the scale. Bitcoin has broken out of the triangle and looks to have continued momentum for the time being.

Daily chart

After the first pop we saw a bull flag, sending the price up to test the first fibonacci retracement level.

30min chart

I can't conclude this as the next BTC run just yet. For that I would first want to see a close and some consolidation over the first fib level / previous triangle high. Then the chances for a rollover are most likely gone. If we at some point retest the all-time high of 20 000 USD, we should eventually break through and confidently resume the BTC bull-run.

In the meantime I would not be surprised if we went back to 16 000 before finding the strength to pass the 16 500 fib resistance.

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