Bitcoin: Potential double bottom
Bitcoin daily update
15min chart BTC/USD
Potential double bottom spotted
Still on a bull run!
Thanks for reading.
Bitcoin daily update
Potential double bottom spotted
Still on a bull run!
Thanks for reading.
If we can take out the $6800 level, I will have more confidence price wants to go higher.
There is so much happening in the background for the development and positioning of blockchain. One of the next big drivers will be the creation of a blockchain/crypto ETF this year. At least two were rejected last year, but this time it should get approval. This will allow big inflow of fiat money and an easy way for both retail and institutional money to invest. The only issue is that it's supposed to first be limited to institutional and accredited investors (translated as wealthy). They will restrict this by minimum allowed investments of something like $150,000.
Great point @morseke. I believe there is $2 trillion on Wall Street salivating to get into the crypto space. Smart Money is keeping prices down until there is more regulation.
From my crypto newsletter, there is a minimum of $2T waiting to enter and if/when there is some regulation, it would be a quick ride (1-2 year after regulation) to $5T. Most people are too concerned about a single coin or a temporary correction in it or the market to see what is happening in the background that to going to change the compete functioning of the world.
That would be fantastic and would target to higher levels. I still think any price below 10k is cheap.
The double bottom is significant, meaning it's pretty strong resistance.
Double bottom in the short term is a great signal for bulls. Underlying sentiment remains bullish. Still a big resistance to break before another substantial rally. Either way, a big rally is cooking on right now!