Bitcoin has been doing it’s Rocky Marciano impression – yet again – and has climbed over 30% in about 10 days.
From a low a bit lower than $3000 (why didn’t I buy? Because I thought it was going lower) to a present price above $4000, this is a great example of the resilience and strength in Bitcoin itself. We should all stop worrying, smell the coffee and look forward to a very wealthy retirement.
I’m glad to say all the people who phoned and emailed me saying “ It’s a bubble, it’s going bust, China has killed it etc etc” have all been proven absolutely wrong. China is only one bit of Bitcoin – and I wouldn’t put it past certain internal elements unscrupulously trashing the price in order to get back in lower down. Who knows?
A bit of technical analysis:
If bitcoin ends on a positive note today, preferably above $3,958 (50-day moving average), a bullish reversal would be confirmed. (That means it’s going up)
The trend line drawn from September 2 high and September 8 high will offer resistance around $4,250 levels (means people will take profits, sellers wanting $4250, buyers prepared to buy below that). A break higher would open doors for fresh record highs in bitcoin. (It’s going up)
- A bullish reversal confirmation followed by a break above $4,250 would add credence to the rebound from the 100-DMA and shall boost the odds of the digital currency rallying to fresh record highs above $5,000. ( It’s going up)
- Only a daily close below $3,600 would revive the bearish view. (Might go down….)