The Bulls Are Back In Town - A Look At Some Charts
The Bulls Are Back In Town
It seems that the bulls are back!
The majority of the crypto market is experiencing a nice bounce today, and the market cap of the entire segment is back above that $600,000,000 mark we recently dipped below.
Let's have a quick look at Bitcoin and Litecoin to see what's happening...
Bitcoin
Bitcoin has seen some signs of strength today, with prices heading back as high as $14200 +/-.
But, the bear flag that was breached just yesterday is now acting as resistance, as you can see from the red diagonal on my chart here:
We are also seeing good signs from the indicators, with the MA crossing, a strong RSI reading and a bullish MACD to boot!
But, the downtrend line still hasn't been broken, (yet?) and I still expect some more correction in BTC/USD. Although this post by @toofasteddie does a very nice job of convincing me otherwise.
I'll be keeping a very close eye on it! If it goes back above $15000ish, I expect that another rally (perhaps even to a new all time high), could happen.
You might also like to check out this post from @jrcornel: https://steemit.com/bitcoin/@jrcornel/bitcoin-s-price-is-at-critical-crossroads
Litecoin
Litecoin has seen a nice bounce today, and it now trades back above the .50 Fibonacci retracement level once again.
The 2 downtrend lines are still in play, but the MACD and RSI are both giving us a bullish reading currently, as we can see here:
The MA cross has also gone bullish, and If the downtrend lines get broken, we could have a new rally on the cards.
Happy New Year!
That's all for now, so I just want to wish everyone a Happy New Year!
I'm going to write a "year in review" style post next, but in case I don't get around to posting it in time; I want to make sure I get the chance to say it now. :-D
Massive thank you to all of you who have followed, upvoted, and commented on my posts!
2017 has been a fantastic year, may 2018 be even better!
Thanks for viewing!
Not intended as investment, financial or trading advice.
For more great technical analysis and crypto related posts, see also: @toofasteddie, @gazur, @haejin, @ew-and-patterns, @pawsdog, @cryptomagic, @exxodus, @beiker, @allthereisislove, @lordoftruth, @masterthematrix, @cryptoheads and @tombort
Featured image from Pixabay.com, meme created with imgflip.com.
I believe this also. Thank you for the quality information!
Happy New Year @futuristgear
And to you too @beiker! :-D
the charts were suitable for data analysis. thank you
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really as you say, I should learn first