The market is step by step turning bullish. When BTC went from $6.2k to $8.5k, altcoin market was bleeding but this time the whole market is going up! The main question is how high it can go! We are going to give you bullish and bearish scenario and our opinion what is more likely to happen!
Fundamental analysis
Latest news will be shared in the post later today! We would like to cover in this update current market situation! At the moment, most of media sites are turning bullish! Some of them are sharing bullish prediction from big names (same these people were predicting Bitcoin crash). Others are sharing positve news about technology! We can see that adoption is going slowly but steady! The price will follow the technology growth sooner or later!
Now, let's say few words about ETF. I think that ETF is overhyped. We saw a lot of news that ETF is not going to be before 2019 and people used to it! They accepted that! So, even if we get further more rejections price will more likely ignore these negative news! Short term decline may happen but to expect drop of $1k in price just because of ETF is not going to happen again!
Now, we need to think what could be next reason for FUD in the market! That's why we are going to make detail market analysis to see if there is some potential FUD.
Without FUD, price will probably continue to go up!
Technical analysis
Daily chart : https://www.tradingview.com/x/iI8VgVIZ/
Our horizontal price level is broken, price closed above on the majority time frames! Daily close around that level but currently it is way above that level! According to this chart, it is expected to see BTC today at least at 7330. For Bitcoin to become extra bullish we need to see close above top bollinger band. Currently it is around 7340 but it will grow if price goes up so it has to close above 6360-6370 at least! In that scenario, BTC would be very bullish
What is our opinion in overall for BTC?
This is time when FUD has to happen if they want to see BTC again in 6k area. We had strong uptrend from 6k to 8.5k but then FUD crashed it in few days! We wont think about potential FUD because TA shows you what they are preparing! If daily closes above top bollinger band and next day we don't see big rejection (for example bearish engulfing), most likely 7700 is going to be tested! After that next target will be 8000 and then 8500. If we enter 8k area, most likely bottom for Bitcoin is reached and we will start ranging but in positive direction preparing for 2019 potential bull run!