Yesterday around noon the Bitcoin started another bullish run following a repeating pattern and reaching as high as 298,912 USD per Bitcoin. A value last seen 5 months ago.
More breathing room
The rally from yesterday has finally broaden the overall breathing space in BTC/USD which means that from now on we should see bigger, more serious price movement in both directions. And although the overall trend is clearly upwards, we must take into account the correction that occurs after almost every price increase- these will get bigger too!
For example when you look at the screenshot above, we have a pivot point at 282.038 and the first resistance is as far as 300.877. For months we haven’t had the chance to see such a broad breathing space.
300 is a strong resistance
The last time we broke the $300 USD level was in January 26– a long time ago! That, along with the fact that 300 is a bad ass number in itself, could mean that in the next few days we are going to see some serious struggle in breaking this psychological resistance level.
Bitcoin is gaining momentum
Even if we encounter hard resistance in the coming days, the Bitcoin is gaining enough momentum to eventually be able to defeat it. 317,750 and 336,589 are next!
This post was written by ynef