Good to see Bitcoin drifting higher on the weekends again
Bitcoin has been drifting higher lately on weekends, and that's a good thing.
There was a time recently where bitcoin would tend to drift lower most weekends.
The volume would be lower and pushing prices down seemed to be the norm.
In fact it almost became like clockwork.
We would see a Friday pump, followed by a Saturday and Sunday dump.
Well, thing appear to be changing...
Bitcoin is showing solid price action over the last few weekends.
This weekend bitcoin appears to be ready to breakout of am ascending triangle pattern on the 4 hour chart:
(Source: https://twitter.com/fundstrat/status/1163135130703192065)
This would coincide with breaking the 200 period moving average on the 4 hour chart.
Volumes are again low compared to weekday trading, but it is interesting to see this change in price action never the less.
This could the start of the next bull run as Bakkt announces they will be ready to roll in about 6 weeks time.
This may be a signal we are getting close to the next bitcoin bull run.
Stay informed my friends.
-Doc
I'm suspicious of what the market will actually do when Bakkt is here. The market has a way of pricing the value of these things in before they arrive on the scene. Then when the thing happens the price dips and all the suckers get fleeced.
Buy the rumor; sell the news.
On the other hand, lots of people say this situation is different because the target audience of Bakkt is a bunch of new money that has no other way to enter the market. I'm still skeptical... everyone on Bakkt will be there to make money; not fill up everyone else's bags.
Good points. Though if you recall, bitcoin peaked the last time on the exact day of the previous most anticipated futures launch. Perhaps we see something similar again! :)
I was looking that up a few weeks back and remember the peak being like a week after the futures launch.
The point is mostly moot though seeing as how Bitcoin is in a completely different place both fundamentally and technically at the moment.
Yep, that was at the end of a cycle and we are just starting one now. Plus it was likely easier to manipulate prices in 2017 than it is now.
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Thanks.
Just noise...the $9k level must hold for the bulls.
So far, so good. Though I actually think it's a bit lower as a must hold. The $8.5k area should be pretty solid. The $6k area would be a big deal if we ever lost that support.
Can’t wait to see the institutions lining up to allocate more funds given the uncertainty and the search for uncorrelated assets!
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Yep, same here.
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I see higher lows are good news for the bulls but in this moment I think that 10.5k level must be beaten.
It just was.
Yay, new ATH soon!
I sure hope so. I was a bit surprised we dropped in early August. We were all set for the next leg up then. The fact we didn't go up then might mean we have some more weak hands to shake out first.