Hello, dear members of LeoFinance!
Today I want to comment on the price chart of Bitcoin.
If we have a look at the monthly chart (MN) of BTC/USD we can see that in the current month of December Bitcoin is forming a solid bullish candlestick:
Interestingly, if we check the local high from the end of 2017 and the local from the middle of 2019 and compare them to the current candlestick it seems to be quite different. The previous two local highs had candlesticks with long upper shadows, indicating solid price resistance.
Now, the situation is different: the current candlestick for December has almost no upper shadow - a signal that Bitcoin has not faced any resistance so far. That's why it is highly probable that the price increase will continue.
To be continued ...
As of the time of writing, one Bitcoin costs $27121,31 on Bitstamp crypto exchange, according to TradingView.
A few words about me:
Just to let you know: I've been working professionally as a currency analyst for the last 14+ years, and as a cryptocurrency analyst for the last 3+ years.
Important!
Keep in mind, that thoughts expressed here are my own, and they should not be regarded as recommendations for any cryptocurrency/commodity trades, investments and etc.
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