As the number of newly transacting Bitcoin addresses continues to surge in the wake of the SVB Bank Run and failure, the price of Bitcoin is showing a clear Sign of Strength in Wyckoff terms, by rallying strongly through the $25k zone of resistance.
In more general TA terms, we can see this as a move above the neckline of a large Inverse Head and Shoulders pattern. A confirmed close above this neckline will be a major trend reversal signal projecting a price move to around $36k and possibly eventually even higher towards $40k, $43k, or even $48k.
In the weekly chart, the Hammer candlestick, finding support on the 1W 20MA, followed by large, green engulfing bar also looks decidedly pivotal.
This is all predicated on a close above the neckline in both the daily and weekly views, but there appears to be strong reasons for the Bulls to be confident here.
What do you think? Where will Bitcoin stop on its movement higher? Or is it all just another bull-trap and MtGox coins are about to flood the market, driving prices to new cyclical lows? 😊
In more general TA terms, we can see this as a move above the neckline of a large Inverse Head and Shoulders pattern. A confirmed close above this neckline will be a major trend reversal signal projecting a price move to around $36k and possibly eventually even higher towards $40k, $43k, or even $48k.
In the weekly chart, the Hammer candlestick, finding support on the 1W 20MA, followed by large, green engulfing bar also looks decidedly pivotal.
This is all predicated on a close above the neckline in both the daily and weekly views, but there appears to be strong reasons for the Bulls to be confident here.
What do you think? Where will Bitcoin stop on its movement higher? Or is it all just another bull-trap and MtGox coins are about to flood the market, driving prices to new cyclical lows? 😊
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