Naturally, the day after we publish an article about dealing with the frustration of the Bitcoin (BTC) consolidation, Bitcoin (BTC) follows our bullish theme and breaks out.
Currently, Bitcoin (BTC) is resting right below its 200-day moving average near 8644. We believe Bitcoin (BTC) has the momentum to break through this moving average for two reasons. First, stochastics have turned up from an oversold condition and are now in a very bullish posture. Second, we believe smart money accumulated Bitcoin (BTC) near 8000. A volume profile shows that Bitcoin (BTC) could zoom to the next high volume zone, which is near 10,500. Bitcoin (BTC) could move quickly to the last area where buyers and sellers were active. That level is 10,500.
Bottom Line: There are other reasons to bullish Bitcoin (BTC). Stocks, real estate, venture capital valuations are at all-time highs. Gold and Silver are at multi-year highs. So, why is Bitcoin stuck over $4,000 below the 2019 high and $12,000 below its all-time high?
Currently, Bitcoin (BTC) is resting right below its 200-day moving average near 8644. We believe Bitcoin (BTC) has the momentum to break through this moving average for two reasons. First, stochastics have turned up from an oversold condition and are now in a very bullish posture. Second, we believe smart money accumulated Bitcoin (BTC) near 8000. A volume profile shows that Bitcoin (BTC) could zoom to the next high volume zone, which is near 10,500. Bitcoin (BTC) could move quickly to the last area where buyers and sellers were active. That level is 10,500.
Bottom Line: There are other reasons to bullish Bitcoin (BTC). Stocks, real estate, venture capital valuations are at all-time highs. Gold and Silver are at multi-year highs. So, why is Bitcoin stuck over $4,000 below the 2019 high and $12,000 below its all-time high?
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.