BitcoinLong
Will Bitcoin break out?
Updated
Bitcoin is nearing the end of a 4 and a half month wedge, the status of the Mt Gox sell off is unknown however it's good to see they haven't completely destroyed the market. They have very much controlled the market over the last few months and it's good to see they're finally refunding customers who lost money during the Mt Gox hack of 2013. Unfortunately they're taking astronomical profits in the process as they're only refunding the value of what the bitcoin was worth at the time of liquidation.
Positive news beginning to come out of the cryptoverse -
- coindesk.com/google-bans-crypto-mining-browser-extensions-chrome/
- coindesk.com/south-koreas-capital-is-planning-to-launch-its-own-cryptocurrency/
- forbes.com/sites/rogeraitken/2018/04/01/despite-bitcoins-sell-off-the-cryptocurrency-space-continues-to-attract-investors/
Back on the technical side of things the death cross that was widely feared last week failed as we look to break out above $7,500. A daily closure of $7,900+ would be sufficient evidence to suggest a reversal in the short term at least. From there we look to break out back to our $11,600 target before a pull back, next heavy resistance sits at $13,500.
Follow ArchieBRO for more!
Positive news beginning to come out of the cryptoverse -
- coindesk.com/google-bans-crypto-mining-browser-extensions-chrome/
- coindesk.com/south-koreas-capital-is-planning-to-launch-its-own-cryptocurrency/
- forbes.com/sites/rogeraitken/2018/04/01/despite-bitcoins-sell-off-the-cryptocurrency-space-continues-to-attract-investors/
Back on the technical side of things the death cross that was widely feared last week failed as we look to break out above $7,500. A daily closure of $7,900+ would be sufficient evidence to suggest a reversal in the short term at least. From there we look to break out back to our $11,600 target before a pull back, next heavy resistance sits at $13,500.
Follow ArchieBRO for more!
Note
Get your buys/shorts ready! End of wedge approaching on the next daily candle! The next big move is a make or break for the next few weeks.
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