Cryptocurrencies Strategy

BITCOIN: Resuming the Rise

Today there are 5 Billion USD more inside the Total Market Cap and 24h Volume of BITCOIN increasing to the 8.5b$, as a result, everything in GREEN again!

Is not that beauty?

Right Now BITCOIN is fighting in order to cross one known resistance. It is an important test, not crucial but important indeed.

In my opinion, I doubt BITCOIN is going to be able to cross this resistance line (Secondary) in this current rise. Mainly, because I think everybody can clearly identify this seems to be the completion of the 5th wave up and being the 1st wave so strong and the 3rd so “regular” and short, it would be weird to see an extensive 5th right now… It would mean an enormous entry of FIAT, which, despite is possible, I don’t think the market sentiment is so much positive to do so…

Also RSI is entering in the OVERBOUGHT area so, this would reaffirm the assumption of a possible correction coming while rebounding down on that Resistance line…

However, as a positive scenario, if this rise finally ends on a correction from that resistance downwards, we may see another bullish pattern…an Inverted Head and Shoulders …

That seems crazy but if this pattern would be finally be “triggered” , the Target price for BITCOIN would reach 5000 USD…Just in time for testing the 200 Daily Moving Average.

Not bad at all… isn’t it?

@toofasteddie


*Disclaimer: This is just my personal point of view, please, do your own assessment and act consequently. Neither this post nor myself is responsible of any of your profit/losses obtained as a result of this information.

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