After a Round of Blood This Week, Crypto Markets Spring Back Heading into the Weekend

in bitcoin •  7 years ago 

For most of the week, Bitcoin continued to try to shake off weak hands and newcomers who've bought since $10,000.

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Since the Chicago CME futures release, Bitcoin has been struggling to maintain ground it took in November and December of last year.

It didn't help matters when earlier this week, South Korea's future in Bitcoin trading came into question, causing price to see a sharp decline. After several days of weakness in Bitcoin's value, a downtrend-break came yesterday morning on news that South Korea will continue Bitcoin trading. A price jump was quickly followed by a retrace, but Bitcoin has found some footing as 8 am rolls around on the American east coast.

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Bitcoin has reached some key technical points today that show it is gaining some upward mobility.

In the chart above, we can see that last week Bitcoin worked to get above the bear flag that had formed over the Christmas week from 12/21-12/27. It walked along the centerline of the pitchfork for several days before easing downward and finally bottoming on the pitchfork edge yesterday after breaking out the downward trough it was in for most of this week.

If Bitcoin can manage to maintain strength during the weekend, a candle-close over the pitchfork centerline sets the target for $21,950 as January continues.

If Bitcoin resumes its fall, which seems unlikely as market momentum and altcoins continue to gain strength after their tumble this week, $10,900 is the top of the previous pitchfork, and next week's target.

Looking outside of the dollar, in other places of the world, Bitcoin continues to trade at a premium with South Korea's market making a new all-time high in KRW nearly a week ago.

The outlook continues to look bright as adoption of digital currencies continues, and platforms like Steemit and others continue to grow. Stick around!

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In order to make our weekend better. Let's see on monday haha

Cyptocurrancy information is valuable for us ..I gratitude to you..

Chicago CME futures took Bitcoin down. That was the black day for BTC.

This crypto stuff can be pretty complex! Stability is not its strong point, but I guess that is what makes it so exciting :) At least for the speculator. I need to do some serious homework on crypto :)

Good post @thebeachedwhale!

Great post as always!
Ive got hi hopes for Ethereum this year. I dont know what will happen with bitcoin though.

  ·  7 years ago Reveal Comment

Interesting post, I'm glad to see it's going back up. My plan is to stick with crypto for a fairly long term gain, I'm hoping.

I my opinion there is another great part on a bearish market. It lowers the entry threshold for whoever felt missing out joining the past months.

This is a great moment to enter and in the long run helps the very important mainstream usage and acceptance of cryptocurrencies.

Thank you for your great post.