Clear skies for Bitcoin???
Hey there everybody!!! Here's my take on the current price jump. I'll first look into the 1 hour chart before expanding to the 4 hour chart. We can see below that price is slowly converging towards a tight region and that's why people were saying that bitcoin is very boring because price didn't really move that much... not until yesterday. We clearly saw that price broke all kinds of resistance on that run (kumo, kijun sen... and all that jazz). So now there's no clear resistance to be seen on the 1 hour chart.
Now let's take a look at the 4 hr chart. Would you look at that. Price finally broke atop the kumo.What would add to this bullish sentiment is if the chikou span also break above the kumo. If price will keep stalling in this level then we can see the chikou span (green line) outside the kumo in about 5 days.
As an added bonus, let's look at the daily chart. Still not looking good in my opinion. The price jump we experienced isn't really that different compared to the other bull moves we've seen. For example, this move is comparable to that on February 14. I do think we were just so happy to see a big green candle after a series of red. Now the important question is, when does it really moon? If we use the predictive power of the kumo then if price breaks above the kumo (which is projected 52 days to the future) then we'll likely have no more worries. But then again, that's around the upper 11k mark. The question is, will we ever see Bitcoin above 12k again? I for one believe it because all the innovations coming to bitcoin are oh so good!!! Stay safe in hodling guys!!!
Now let's take a look at the 4 hr chart. Would you look at that. Price finally broke atop the kumo.What would add to this bullish sentiment is if the chikou span also break above the kumo. If price will keep stalling in this level then we can see the chikou span (green line) outside the kumo in about 5 days.
As an added bonus, let's look at the daily chart. Still not looking good in my opinion. The price jump we experienced isn't really that different compared to the other bull moves we've seen. For example, this move is comparable to that on February 14. I do think we were just so happy to see a big green candle after a series of red. Now the important question is, when does it really moon? If we use the predictive power of the kumo then if price breaks above the kumo (which is projected 52 days to the future) then we'll likely have no more worries. But then again, that's around the upper 11k mark. The question is, will we ever see Bitcoin above 12k again? I for one believe it because all the innovations coming to bitcoin are oh so good!!! Stay safe in hodling guys!!!
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