Bitcoin Bullish Breakout Happening Right Now

I was a little off

After I made my last Bitcoin price prediction on May 21’st, the market decided to take a plunge downwards instead and I have to admit- I was a little disappointed when I realized I might have been wrong about the whole thing with the NYSE.

Gradually gaining strength again

Bitcoin Bullish Breakout Happening Now June 2015I’m glad I didn’t close my long position then and there, because it seems the plunge wasn’t really a “plunge” at all. The market was simply getting ready for a very big jump instead!

It started out slowly on the 8’th of June, 2015- A strong and juicy bullish candle finally formed after five days of confusion and sideways movement.

Then we had to endure three and a half more days of sideways, slightly upward movement when finally, on the 16’th of June, a spectacular white candle filled with enthusiasm itself was launched into orbit.

It won’t stop there

Such a big move is definitely going to change the game. I mean look at it– can you really resist entering a long position after you’ve seen something like this happen right before your eyes?

There is a resistance level worthy of mentioning around 254.206. This is going to be our target for the time being just to be on the safe side, but once it’s broken, a whole new game will start- a game that we haven’t seen for four months around the 262.395 USD per Bitcoin.

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BTC/USD breaks through resistance of May 20th New target set around 237.320 USD per Bitcoin

Yesterday’s resistance broken

Bitcoin has succeeded in breaking through a pretty solid resistance level of 234.394 setting our next target as high as 237.320 USD per Bitcoin.

New York Stock Exchange Influence

The news from a few days ago where the NYSE announced that they will begin monitoring the price of Bitcoin, has greatly influenced the current price increase. The reason is simple enough: traders believe that if NYSE is monitoring the price of Bitcoin, it has to be worth investing in. This has already resulted in the overall increase of buyers versus sellers because new investors, who have previously stayed away from Bitcoin, are now jumping in just to get a piece of the pie.

 

We can’t be sure how exactly all this plays out, however, for the time being it’s very likely that we are going to see some serious bullish movement for BTC/USD. Just imagine all of the “old school” traders who used to stay away from Bitcoin now beginning to question their beliefs. It’s definitely going to be one hell of a ride we have ahead of us in this summer ;)

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New York Stock Exchange starts to monitor the value of Bitcoin

Bitcoin just took a huge leap towards becoming a more legitimate and trustworthy crypto currency. Yesterday, on May 19th, The New York Stock Exchange announced that they will begin monitoring the Bitcoin price against the US dollar just like any other foreign currency pair.

 

“Bitcoin values are quickly becoming a data point that our customers want to follow as they consider transacting, trading or investing with this emerging asset class”

 

Source: Businesswire.com

 

What this means for us?

BTC USD May 20 Chart Resistance Level 234It’s very likely that the BTC/USD pair will soon skyrocket because that has always happened with high impact news like this one in the past. We have already witnessed a solid bullish candle close just after the news was published to the world.

 

The only thing to look out for at this time is the resistance level 234.394. Until this is broken we can’t really be sure where the price decides to go.

 

 

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BTC/USD Price analysis for the first half of May 2015

The morning’s correction

At around 10:30 AM the BTC/USD pair started to sell quite rapidly from 246.440 USD per Bitcoin, correcting the previous days bullish movement. It was of course expected because the market had reached the overbought condition almost at the same time.

Bullish expectations

9 May 2015 BTC USD Price Analysis Prediction Movement Pivot PointThe support level of 238.416 USD per Bitcoin seems to be holding nicely right now, but there is still some room to move a little lower. The trading volume has started to decline already indicating that a lot of the traders are already closing their SHORT positions, perhaps getting ready to go LONG once again.

Targets to aim for

If the support level of 238.416 holds then we can expect the price to move upwards to at least around the 241 USD per Bitcoin area. I wouldn’t bet on the 247.440 resistance just yet because the Bollinger Bands indicator is showing a slight downward direction at this time.

 

Thanks for reading and please use the Pivot Point Calculator I made to get your support and resistance levels easily!

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BTC/USD breakout today, showing signs of recovery

Bollinger bands breakout

Todays Bollinger Bands breakout has been “boiling” for a few days now, but prior today the market was moving pretty much sideways indicating that the bulls were simply looking for the right moment to arise.

Bitcoin versus the USA dollar BTC gained against the USD on april 22I had my own long position opened on the 19th of April already, so I guess I was there a little bit early. Nevertheless, the breakout happened and as a result the market is starting to look a lot more bullish once again.

 

Currently overbought

While there is still some room for the pair to gain, I strongly recommend closing your long positions at the moment unless you are aiming for something bigger in the long run. (I am trading mainly on the 1H and 4H charts) It’s very likely the market will pull back around $228 area fairly soon.

$240 is not far

It will not take long for the Bitcoin to test a resistance level at $240,495. At the current rate this should be easily achievable later this week.

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Middle part of March 2015 Bitcoin vs USD Analysis and what to expect from the market

Our patience has paid off

It’s the middle part of March 2015 right now, the sun is shining and signs of a long winter are slowly fading away. The beginning of spring seems to have helped Bitcoin reach equilibrium against the US dollar. We have closed quite a few long positions since our last Bitcoin related article and now it’s time to sit back and observe the market a little closer because we are bound to have some drawback right about now.

 

16 March 2015 BitCoin and USD Price AnalysisBitcoin price in March 2015

We are reaching closer and closer to the overbought market condition which most likely means that the price is bound to correct itself pretty soon. There are good solid support levels around 286.675 and 283.701 and it’s likely that the price is going to try those levels throughout the other half of March, 2015.

 

Unless something extraordinary happens in the crypto currency world I estimate another bullish run not before April. So bulls, I’m afraid you’re going to have to hold back for a while, but know this: your time will always come!

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