Bitcoin Stages Late Rally To Close Above Long-Term Uptrend Line

scaredycatguide (73)in #cryptocurrency • 7 years ago

Bitcoin making us sweat today as it wasn't until the last few hours of the daily candle that it got a spike to close above the long-term uptrend line.

Boy that was close!

It looked for sure we were closing below 8k and breaking down below the trendline, which would have meant the down side risk target became 6k.

Luckily we rallied though, now the question is will we see any follow through out push out to the upside of this large triangle pattern BTC has developed or is this just another blimp of a bounce like the last two we've seen this week.

We shall know in the next couple days!

Watch the video for more detailed discussion of what Ive shared above.

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Best Regards,

Disclaimer: All info in this post is my opinion and for educational use.

#crypto #money #trading #bitcoin

7 years ago in #cryptocurrency by scaredycatguide (73)

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rollandthomas (74) 7 years ago

Great analysis.

If price can close above $8600 (yellow line) and break the daily trend line, that will be the first signs of a reversal.

I'm looking for price to take out the sell orders at $9250 (green circle) on the 4 hr chart before being convinced price wants to move higher.

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evesweetpassion (46) 7 years ago

Thanks for this analysis! @rollandthomas, I am a beginner but I am learning little by little and investing.

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scaredycatguide (73) 7 years ago

Agreed, good info. Last two bounce attempts were basically fake out so maybe third time is a charm

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theroadtoriches (46) 7 years ago

I see some strong support around $5000 😂😂😂

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ipostbtcprice (-2)(1) 7 years ago

For future viewers: price of bitcoin at the moment of posting is 8350.70USD

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evesweetpassion (46) 7 years ago

Good news of the recovery of Bicoin! I continue to buy to see my profit in the medium term .... Thanks for the Post @scaredycatguide

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annemariemay (65) 7 years ago

Great news! I had to turn everything off today because it was a bit too stressful for me! haha

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manorvillemike (65) 7 years ago

Wait and see. Sounds something like the Doctor told me about my prostate. lol

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intelliguy (68) 7 years ago

Bitcoin making us sweat today

Bitcoin makes we sweat everyday. LOL. Good way of explaining it.

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