Well, it seems bitcoin is not quite done yet with whatever this move is. That is the real question, what the hell is the move?
- A bear market rally
- A bottoming out range
- Beginning of a new bull
All of these options are valid and really only time will tell. What I can say though is we are established in the 2nd level range, so no longer are we sweating 16K as the 19-20K area is clearly the near-term support level.
Now that Bitcoin touched 25K and has backed off initially, will we see a test of 20K on a pullback or is price gearing up for a run at breaking through 25k?
Looking at the daily chart above I do notice the volume is nothing to get excited about. Yes, its not low but it also isn't very high so that is a missing element to this last little push.
Always want to see more volume on up moves as it points to stronger overall demand. We shall see if price stays range bound.
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Personally I think that Bitcoin is currently shaping up to the high levels that it will need to have in the future to reach the next ATH before the Halving (or at least, to reach the current ATH).
The fact is that it is doing it very gradually and slowly. I mean it goes up to $23k, then it goes down to $22k or $21k; then hits $24k; and it goes back to $23k or $22 again.
If I'm correct, now that BTC has hit $25k again, the most likely mental support point is $24k and $23k. Which means that after going back there, it will most likely hit $26k after a long time. This whole process keeps repeating itself over and over again during this year. The question is... Will this phenomenon continue until it reaches $60k?... Only time will tell.
It will be dawn and we will see, because when I analyze everything through the technical analysis indicators, sometimes they tell me different things than the ones I just commented on. Greetings.
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I do not know how high the bitcoin price will go , but I am confident that the bitcoin have reached the bottom already and it can only get better..
This is just za beginning... 2015-2017 in the works.