Bitcoin Market Update - $9300 Target.

in #cryptocurrency7 years ago (edited)

Hi traders, I am looking at closing my trade very soon.

2349471-color-photo-of-blurred-christmas-lights-at-night.jpg

Here's why.

Bitcoin.

1.PNG

  • Bitcoin is moving inside this very narrow channel between the PoC ($8200) and resistance at around $9400, slowly squeezing closer to this downward descending trend-line (in green);

  • The broader market doesn't look so hot though:

2.PNG

  • If we were to break out of this descending triangle with volume then we could get some nice momentum toward $16 or so but given the bigger picture and the general look of the chart, I doubt we'll get there anytime soon;

  • At the end of the day I think external factors (bullish or bearish news) will ultimately decide if we break out of this bear market or continue to slump down to new lows;

  • If you're not holding any crypto... then good for you because now doesn't look like the best time to invest in anything.


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Excelente Post..! esta semana obtuve ganancia con mis Bitcoins..segura que se recuperará... @tradealert

Nice TA, 93/9400 is a heavy area of resistance and is also where the 200 EMA is located, so a breakout from that area should take the price to 10k! 10k would then be the confirmation of a short-term uptrend for Bitcoin. Followed you since I did a Bitcoin TA update as well today!

Hey @marcopagan, thanks for sharing your thoughts, I agree a break above $10k would certainly reinvigorate the market, I guess a lot will depends on regulations too. Will go have a look at your blog later today cheers :)

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