Bitcoin Analysis [UPDATE 21-04-2018]
Updated
Further to my previous post - "Has Bitcoin shaken off the bears?" - we are now coming to an important test for Bitcoin that could determine the medium to long term direction.
After setting up a head and shoulders pattern which saw a spike down through the $8,000 level and neckline of the pattern, we have seen BTCUSD brush aside the bearish momentum and recovered very well finding support above the key level of $8,000.
The previously mentioned break-out pattern was triggered and has now reached profit targets. With this said, now is NOT the time to chase and enter long as we would expect profit taking to take place.
Further above is the next test - the consolidation zone between $9,000 and $9,200 that triggered a sell off in mid-March. A break of this consolidation pattern would be extremely BULLISH .
For now, as BTC has been on a good run, I would expect a rest and possible move towards of the consolidation zone near $8,200. It does not have to test this zone, but for the bullish momentum to continue it must not break.
Should price spike past the above consolidation zone with a pump or news, the bear run could be over for 2018.
Enjoy.
Disclaimer: This is only my opinion, make of it what you wish. It is not financial advice.
After setting up a head and shoulders pattern which saw a spike down through the $8,000 level and neckline of the pattern, we have seen BTCUSD brush aside the bearish momentum and recovered very well finding support above the key level of $8,000.
The previously mentioned break-out pattern was triggered and has now reached profit targets. With this said, now is NOT the time to chase and enter long as we would expect profit taking to take place.
Further above is the next test - the consolidation zone between $9,000 and $9,200 that triggered a sell off in mid-March. A break of this consolidation pattern would be extremely BULLISH .
For now, as BTC has been on a good run, I would expect a rest and possible move towards of the consolidation zone near $8,200. It does not have to test this zone, but for the bullish momentum to continue it must not break.
Should price spike past the above consolidation zone with a pump or news, the bear run could be over for 2018.
Enjoy.
Disclaimer: This is only my opinion, make of it what you wish. It is not financial advice.
Note
Re-test of consolidation zone and showing weakness
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