Potential reversal in BTC market direction!
After nearly 3 weeks of downtrend, Bitcoin looks to be changing directions, finally!
On December 17th, Bitcoin peaked at $19,700, before selling off for the holidays, hitting a bottom of $11,150.
Since then, we've been bouncing between $12,000-$15,000... until today. As you can see in the chart below, we formed a nice inverse head and shoulders on the 4 hour time frame. Once we tested, and broke the neckline, it was time for a significant move to the upside.
Now, we've got Bitcoin setting higher highs, and higher lows, indicating the upward trend is holding. I will be keeping an eye out for a double top for potential reversal in trend. RSI indicator is showing overbought conditions, so consolidation may start taking place.
I believe once Bitcoin breaks above $18,000, we will quickly approach, and exceed previous all time highs. Could this be the end of BTC's correction? Let me know what you think in the comments below, and if you've got Bitcoin, HODL!
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Thanks for your analysis. I hope you are correct.
am looking forward towards a great pick in both alt coins and btc
Yes. I always recommend a BTC hardware wallet to hold on to your Bitcoins, and then a separate account on one of the exchanges like Binance or Bittrex to trade the other alt coins. Never sell your BTC, but use alt coins to increase your bitcoins.