End of the dip (Bitcoin)
Updated
Bitcoin is approaching the $9,500 resistance level.
This is an important level as it will put bitcoin back into a upward trend line and allow for a breakout of the downward channel.
$10,500 is the next important resistance point as at this point bitcoin will be out of the downward channel and as well as in the upward trend line.
If bitcoin falls back down to $6,000 and bounces again this will a sign of a solid bottom support.
A breakthrough of this level would test the $5,300 support level.
The MACD has formed a upward trend line which could be hinting towards $6,000 being the final dip.
The Bollinger bands are also hinting towards a upward trend.
A breakout of the $9,500 resistance point and back into the upward trend line would be a indication of bitcoin finalising this dip.
This would be the beginning of a new run across the year.
This is an important level as it will put bitcoin back into a upward trend line and allow for a breakout of the downward channel.
$10,500 is the next important resistance point as at this point bitcoin will be out of the downward channel and as well as in the upward trend line.
If bitcoin falls back down to $6,000 and bounces again this will a sign of a solid bottom support.
A breakthrough of this level would test the $5,300 support level.
The MACD has formed a upward trend line which could be hinting towards $6,000 being the final dip.
The Bollinger bands are also hinting towards a upward trend.
A breakout of the $9,500 resistance point and back into the upward trend line would be a indication of bitcoin finalising this dip.
This would be the beginning of a new run across the year.
Comment
Still looking for bitcoin to make a breakout of the $9,500 level. This would be a very positive sign and a very likely ending to this dip.
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