Hey guys!
Here's a quick update on what's going on with Bitcoin.
Here we have the daily Bitcoin chart. Bitcoin is meeting resistance at the $9780 mark. I suspect there may be a psychological barrier at $10k that will be tough to break through. We also see that the general trend is still up even after this pull back. Bitcoin is making higher highs and higher lows. The daily chart stochastic is rolling over which may be telling us that Bitcoin is read to make a move downward. We will see.
Here's a closer look on the 4 hour chart.
Here it is on the one hour chart.
Bitcoin has found some short term support at the $8600 level. If you are trader, I would recommend placing stops around here.
Let's see if Bitcoin continues to make higher highs and higher lows, and if it manages to break through that $9780 level.
Thanks for reading this quick update.
Disclaimer: I am not a financial advisor. The articles that I write are for educational purposes only. Do your own research and hold yourself accountable for the investments that you choose to make.
Check out some of my most recent articles, your support is much appreciated:
Why buying a home is a terrible investment
Bitcoin: Bear Market Woes
Bitcoin on the move
Are we approaching a 1929-like stock market crash?
The Most Effective Way to Invest in the Stock Market
Why Saving Cash Will Make You Poor
Intelligent Investing: Becoming a Shrewd Investor
How Do Gold and Silver Fair During Asset Deflation and Economic Recessions?
Wyckoff Logic: Finding Entry into a Market
Bitcoin: Testing Major Resistance
Yamana Gold (AUY): An Undervalued Stock with a lot of Potential
The Case for Precious Metals and Mining Stocks
Are you a trader? Do you hate paying brokerage fees and commissions? Sign up for Robinhood using my link:
http://share.robinhood.com/micahm18
Robinhood is the first zero fee stock market broker that offers free option trading, crypto trading, and much more.