Back on 12/30 I wrote a post about Bitcoin,
After coming within $200 of pivot low that was established back in Sept of 2018, buyers have stepped up their game. However, the crucial level remains the daily supply at $4500. If price can breached that level, price has a chance of moving higher.
So the question becomes is there still pain for Bitcoin and are we in the process of bottoming? It is my opinion that there is more upside, then downside…2019 should be an interesting year for Bitcoin.
Since that time, Bitcoin had been stuck between $3,500 and $3,800 for three months. But today, the price of bitcoin surged 17%, breaching the daily supply, breaching $5,000 and closing at its highest price since November 2018.
“After being in bear territory there is a growing sense that bitcoin is back. I’m now calling that the market has bottomed and the so-called crypto winter has come to an end,” wrote Nigel Green, CEO of deVere Group, a U.K. consulting firm.
“I believe bitcoin will now move higher over the next few weeks and months, making steady gains for investors. As the largest cryptocurrency by market cap, this will have a positive impact on prices in the wider crypto sector,” Green wrote.
This is why I let the charts tell me where price is heading next because there is nothing like price action, it trumps everything else.
The great thing about the move today was price moved on significant volume and closed above the 200 moving average.
I expect price to pull back a bit, before moving higher, with the next test coming at the daily supply at $5800.
This post is my personal opinion. I’m not a financial advisor, this isn’t financial advise. Do your own research before making investment decisions.