Almost two weeks ago I predicted that the BTC/USD pair would continue to grow and I set my target level around the 253 area. (I know, I said 254.206, but it’s always a good idea to set your TP just a little bit lower). Today, on the 29’th of June, 2015 the target was reached and yet another successful trade has now been closed. The only thing that will keep bugging me is the fact that I couldn’t wait a few days into the evident correction and jumped on the train too early.
Clear bullish signals from Bitcoin
There’s no doubt that the cryptocurrency will climb even higher in the weeks to come. If we take a look at the weekly chart we can see that something big is about to happen.
There’s just no way this can continue for very long. Sooner or later a breakout of massive scale is going to happen. We are seeing the first signs already by looking at smaller time frames, mainly the 1H and 4H.
The correction that started some time on the 18th of June has now officially ended as we moved past the 250.810 range (the closing price for the 17th of June candle).
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 ;)
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”
What this means for us?
It’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.
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.
The 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!
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.
Bitcoin 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!
Bitcoin, you can do better than that
At the end of last month I posted a quick overview on the price of Bitcoin and what it may have in store for us next month. We’re currently three days into February and BTC has gained a measly 4,44% after some insignificant downward movement that didn’t break any major support levels for us.
Bulls getting stronger
The daily pivot point along with three solid resistance levels have all been broken through today and the market is continuously making higher lows which indicates that the bulls have finally gotten bold enough to start a run. My advice to bulls is to stop being afraid and move upwards horns first because February the 3rd has thus far been very friendly for us, bulls.
We can expect some drawback soon, but it is not likely to do much damage. If anything, we will have an even better opportunity to open another long position.
A few days after my confident prediction that it’s high time to buy Bitcoin on the 27th of January post, I didn’t pay attention to the charts for days. Now, on the last day of January, I checked the charts again and to my disappointment the price hadn’t gone up at all- instead it came down -$24.. USD and has now decided to move sideways completely unsure of itself. I have a feeling a lot of traders are left clueless of the weird movement because we know for a fact that the first licensed Bitcoin trader is now operational which should mean more trust and interest in the crypto currency.
Of course that alone don’t necessarily have to mean much for the price of Bitcoin, but the technical analysis also indicated a bullish movement. After taking a look at the charts I had to bring down the trend line, because my last one was broken through, and as you can see it’s almost vertical now. Everything else is also showing signs of sideways movement and that usually means a breakout is likely going to happen very soon. Perhaps there is still a possibility that my prediction will come true? It wouldn’t be the first time when my timing is way off.