I have the suspicious that after almost 1 month of a very
boring market BITCOIN is very close to what I call “Decision” point.
This is the point on which Bulls and Bears measures their strengths and
define which way to take next.
On the Daily Chart:
BTC is still far from the “Golden Crossing” on which both Daily Moving Average lines (50 and 200) would meet. The extrapolated lines project April 28th as a more likely date for that to happen…
We have seen a series of Higher Highs which is a good sign of recovery but what we really need is to break the Upper Resistance placed around the 4200 USD and so, start as well a series Higher Highs.
On the Hourly chart:
BITCOIN has grown shyly during the last couple of weeks, zooming in the chart we can see a small Bull Flag:
BITCOIN is “playing” within a narrow price frame, between 4000 and 3930 USD describing two trend lines in blue. The price is more and more constrained by these lines and it is very likely that we will see a breakage in the coming hours which I guess would be upwards, bringing BITCOIN to test our well-known UPPER RESISTANCE line, close to the 4200 USD…
If so, BITCOIN would complete another Pattern, which is known mostly because it’s successes as Bullish one.
Obviously, this pattern formation is being observed by all the Market right now… Difficult to bet 100% on a bullish result since I am sure there will be plenty of BEARS waiting “at the door”…or maybe not?
In any case, the “umpteenth” tentative is coming…
*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.