Let's have a look at the weekly chart, we have something really good going on right now.
The last time we looked at this chart we had the late June 2019 price peak, for BTCUSD , as the next challenge... The next milestone ...
This week, Bitcoin has gone beyond the June 2019 peak and hit its highest level since January 2018.
Bitcoin went up and hit $14,055 on BitFinex.
Bitcoin had its bull run back in late 2017 peaking at $20,000 by mid-December...
Through the up and down, Bitcoin was above $14,000 only for about a month.
Now, we are seeing prices challenging $14,000 with aims of going higher.
This is the first time this has been challenged since December 2017.
When we look at the ultra-low , while this can be taken as a weakness signal for many it can also be taken as the 'calm before the storm'... The strong /action is yet to happen.
(Note: Keep in mind that the charts are always evolving and what we see now can and will always change.)
The is very strong and the is safely on the zone, at the same time it shows plenty of room available for additional growth.
Now, the great news...
The week closes today and the price for Bitcoin ( BTCUSD ) is above our "last barrier"...
Closing above this level is very good for the bulls and can signal that we will see Bitcoin hit $16000+ next.
What will happen to the smaller altcoins?
The altcoins will continue to consolidate and some will suffer if Bitcoin gains additional momentum... But any bleeding will be short-lived and should be ignored as noise, patience is key.
The more Bitcoin grows, the better it is for the entire cryptocurrency markets.
Once Bitcoin stops and decides to rest...
Each time this happens, you will see the altcoins print huge jumps in prices, recovering all losses, and printing new gains.
This is just a general view/perspective of course, you still need to build your own plan, your own strategy, and make sure to do your research before you trade.
HIT LIKE NOW to show your support.
Leave us a comment...
I LOVE YOU!
This is Alan Masters.