Defining development in Bitcoin-Explosion in Price - Up more than 10%

Disclaimer: This post is purely my opinion on the technical strength of Bitcoin.However this should not in any way be construed as financial advice. Any decision taken on the basis of this post is not my responsibility. Please do your own homework and research before investing/trading in cryptocurrencies or for that matter any asset class.

Now with this disclaimer out of the way, lets talk about a major development in the crypto currency market today, 12th April 2018. This is Great news for everyone involved in the crypto currency market! Bitcoin has randomly exploded in price over the last few hours and is holding steady above 7500.

Technical Picture of Bitcoin

Bitcoin made a higher low than the previous low of 6139 on 7th Feb. Confirmation was achieved of a slightly higher bottom with the explosion in price today. With this price move, it has broken above the descending trend-line, which held Bitcoin hostage for more than a month since March.

Based on my market readings, I can confidently affirm that we are poised to retest prices of 11,000 once again. There will a base formation with lows around 6000 and highs of 11,000, which will probably take up the month of April. Once it crosses this 11K threshold, the sky is clear for a rise to All time highs in a matter of couple of months.

So in all, by next quarter we should see Bitcoin at All Time Highs once again. Cheers!