Can Bitcoin Reach $16,500?
Bitcoin is this week already 8% up and these gains can be easily extended today if the key resistance of $12,473 ($12,500) gets broken by a full weekly candle.
This is a really strong resistance level as a break of this level could potentially mean a free ride to $16,000 are per one Bitcoin, as there is no real resistance between $12,5k and 16k.
The uptrend ride looks pretty healthy and I can say that there is a strong potential of Bitcoin hitting this 16k mark pretty soon if the resistance is going to be broken.
But!
But don't get too excited and still be aware that this can still be just a bull trap as SPX500 is getting weaker from day by day and Bitcoin likes to follow SPX moves.
So have a plan B as a possibility of Bitcoin retesting the uptrend line at price around $10,500 or even potentially is still in the game.
Let's look at Indicators.
RSI is in a strong uptrend, performing higher lows and currently above 60, which is important level to be above in order to see a strong buying volume.
MACD has performed a "slide" and current buying wave is expected to continue in the next weeks with increasing volume.
EMA's are showing a clear uptrend with a lot of room for a correction without impacting the trend.
Whatever you do, don't make a decision based on FOMO but try to be as rational as possible :)
This week I would also like to release a study about cost averaging so stay tuned on that!
Cheers,
Tibor
This is a really strong resistance level as a break of this level could potentially mean a free ride to $16,000 are per one Bitcoin, as there is no real resistance between $12,5k and 16k.
The uptrend ride looks pretty healthy and I can say that there is a strong potential of Bitcoin hitting this 16k mark pretty soon if the resistance is going to be broken.
But!
But don't get too excited and still be aware that this can still be just a bull trap as SPX500 is getting weaker from day by day and Bitcoin likes to follow SPX moves.
So have a plan B as a possibility of Bitcoin retesting the uptrend line at price around $10,500 or even potentially is still in the game.
Let's look at Indicators.
RSI is in a strong uptrend, performing higher lows and currently above 60, which is important level to be above in order to see a strong buying volume.
MACD has performed a "slide" and current buying wave is expected to continue in the next weeks with increasing volume.
EMA's are showing a clear uptrend with a lot of room for a correction without impacting the trend.
Whatever you do, don't make a decision based on FOMO but try to be as rational as possible :)
This week I would also like to release a study about cost averaging so stay tuned on that!
Cheers,
Tibor
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