Hello all.
What a days for Bitcoin. Just wow.
Bitcoin was preparing for growth last few weeks. We saw a perfect morning star pattern and really strong support trendline.
From that none expected to grow this much. In previous analysis I said that there is CME gap that bitcoin could go&fill. Well, bitcoin did that.
What was the cause? Some say tether printer, but I don't beleive that. Volume was really huge, buying presure was really strong. Sentiment was the key
Cointelegraph article was released and it says "A district court in China has reportedly ruled that Ethereum’s cryptocurrency is legal property with economic value. This ruling follows a couple of other verdicts on the legality of cryptocurrency, including bitcoin, by various Chinese courts. While cryptocurrency is not legal tender in China, people can hold and transfer them like property."
So China has money. Lots of money. And lots of conservative investors who would not dare to invest in something that communist party doesn't allow. But what happens if they do allow it?
What my chart says?
we are on key level. If this ex-resistance becomes support (should comfirm it tomorrow with green candle), then we go straight up to the trendline resistance, which is there from August 2019.
Decisive days.
Enjoy.
What a days for Bitcoin. Just wow.
Bitcoin was preparing for growth last few weeks. We saw a perfect morning star pattern and really strong support trendline.
From that none expected to grow this much. In previous analysis I said that there is CME gap that bitcoin could go&fill. Well, bitcoin did that.
What was the cause? Some say tether printer, but I don't beleive that. Volume was really huge, buying presure was really strong. Sentiment was the key
Cointelegraph article was released and it says "A district court in China has reportedly ruled that Ethereum’s cryptocurrency is legal property with economic value. This ruling follows a couple of other verdicts on the legality of cryptocurrency, including bitcoin, by various Chinese courts. While cryptocurrency is not legal tender in China, people can hold and transfer them like property."
So China has money. Lots of money. And lots of conservative investors who would not dare to invest in something that communist party doesn't allow. But what happens if they do allow it?
What my chart says?
we are on key level. If this ex-resistance becomes support (should comfirm it tomorrow with green candle), then we go straight up to the trendline resistance, which is there from August 2019.
Decisive days.
Enjoy.
Now we are climbing towards resisntance trendline.
If Bitcoin gonna break it, then we will see 10500, if not, re-test of same support would occur.