Back in early April Bitcoin became bullish... No wait, let's go further back... Let's start in December 2017 ... BITCOIN'S YEAR!
Our top was hit on the 17th December, the famous Bitcoin All Time High, which we hit around the $20,000 price level. That's $20,000 USD per Bitcoin. Remember that the wildest dreams of all cryptocurrency traders, holders, analysts, miners, enthusiast, and others, was to reach an ATH that can be now considered very cheap, which was $5,000 USD per BTC. At that time it seemed incredible and for many, impossible... Of course, it doesn't look that impossible right now, as I am going to talk about a $8,100 Bitcoin bottom...
Bitcoin started to decline after this date above and hit rock bottom on the 6th February 2018, at a low of $6,000 USD per BTC on BitFinex. We bounced from this level but we were still trading under lots of pressure from the downtrend created back in December when the price started to decline.
We went down again and by early April we hit rock bottom again at $6,425 on BitFinex. Now, we were definitely trying to retest the 6k bottom from early February, but the price bounced before reaching that point so we couldn't retest 6k, the bulls held their position strong... After that, Bitcoin became bullish, it started to go up and on the 20th April it broke the famous downtrend that started back in December, we got out of the negative waters, we started a new trend, the uptrend that we have been riding for the past 1.5 months.
Now we've come to a deciding point, we have the resistance at the $10,000 level and Bitcoin went down because it couldn't be breached. After correcting nicely from the high of $9,990, it seems that $8,100 is the bottom that Bitcoin has been looking for to get back, to compete and to finally win.
Looking at the bullish divergence on the 4h MACD, the RSI bouncing from oversold, the STOCH and MACD bullish crossover, we will try the higher resistance levels once more.
On the short term, we will find resistance at the $8,700, $9,100 and $9650 price points. After that we move higher, but before we get there, let's see how Bitcoin will deal with the bears in the next days and weeks to come.
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Namaste.