18/02/2019/17:00CET

#Bitcoin is showing some strength over the last hours, could this be the breakout everyone has been waiting for?

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I have to admit, the moves in price over the last 2 days has brought a smile to my face but has not yet gotten me to place orders - not yet!

Lets take a look at the chart and see if we can divine some prognosis from this latest market action.

BTCUSD on bitstamp

• Trading at 3800 usd handle at the moment after a 260usd jump or 7.5% jump up in the last 48 hours
• We've gotten up and over some key technicals in the last hours. The 21dema and the 50dma. We are also broken above the descending channel upper boundary, but just just!
• the 100dma is just about this channel boundary. Together these 2 will more likely than not slow things down. Expect some retracement as profits are taken from the market makers of the last 2 days.
• It's still too early to get all excited about this move. Nice as it is, these moves are quite common and can be met with equally savage down legs. Be careful.
• would be nice to see a consolidation around the top of this descending channel line. Gathering energy for an assault on the 4k milestone. A break and hold above 4k will bring a lot of money into the market I think.
• I say hold onto your undies guys till we get convincingly over 4k. That is when enough people will come to the conclusion that the trend has changed to actually make that real.

Markets are about sentiment and market participants move like herd animals. Once enough of the herd changes direction, all will change.




As always guys, leave comments, have fun and trade safe.

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Disclaimer: This post is not financial advice. Before investing any funds do your own research and make your own decisions. Cryptocurrencies are highly speculative.
And finally: Do not invest money you are not comfortable losing.

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