Bitcoin - Yearly ATH ?!Hello traders,
Here's a Bitcoin / US dollar chart on daily and weekly time frame side by side, and as you can see bitcoin has been making higher highs for the past few weeks, breaking resistance after resistance switching them to support, and basically moving in the same wave up to 9500.
Daily ( Short term ) :
On daily time frame it seems like we are slowly approaching the long awaited target of 10,000 USD. The past resistance level located between 8800 - 8900 has now been broken and since then the price surged all the way up to 9500, and then pulling back to retest this area.
If the price maintains the bullish momentum and this level area of support holds well, we could see another attempt to break above 9500, which would take us to 10,000. However, if this support area fails to keep the price above, we could probably see 8500 again or even extend e little bit lower, this is why it is important to take into consideration the weekly perspective as it gives a cleaner picture.
Weekly ( Long term ) :
The DOJI tip of the wick which was covered on last analysis it's a crucial psychological level located at 9100 appears to be holding well, as the price is failing to stay above, even after reaching 9500 the price immediately felt below this level.
If BTC breaks and closes above this level would confirm further upside potential thus we can expect 10,000 - 10,200.
Fundamentally :
I have seen people confused lately as Libra (a.k.a FacebookCoin, FaceCoin or ZuckBuck) has been all over the news, not knowing how it will impact the crypto market and they been asking if they should "invest" into Libra, so let me clarify some things.
First and foremost, It is not by any means a competitor to BTC. Libra it is a STABLECOIN which means it will not appreciate with time, it is designed to be a low volatility coin for everyday customers as a form of payment its main purpose is to keep the same value, whereas Bitcoin is a long term store of value, just like gold - appreciating in value over time which is completely opposite of what Libra is all about.
The project according to Facebook it is set to go live sometime in 2020, so it will not be function-able up until then.
