BTC has had a phenomenal day and is holding strong @
BTCUSD
. BTC busted through the downtrend channel, in pink, and is resting right above. This channel was completely resistive for all of 2018. We broke though major overhead ichimoku cloud resistance, and took out the 200 MA, and rallied all the way to $5120, a near perfect 61.8% retrace from the 2018 lows. After this first rally, Ideal scenario would be to retrace to the 200 MA to confirm $4600 as support. Potentially, a big bounce could ensue and take BTC to $5600, and then finally challenge the $6000 level. The tables may be turning in the market as the Bulls fight to regain control of a long bear market. We have developed strong support, and I see more upside potential for BTC and the top coins alike.
BTCUSD
. BTC busted through the downtrend channel, in pink, and is resting right above. This channel was completely resistive for all of 2018. We broke though major overhead ichimoku cloud resistance, and took out the 200 MA, and rallied all the way to $5120, a near perfect 61.8% retrace from the 2018 lows. After this first rally, Ideal scenario would be to retrace to the 200 MA to confirm $4600 as support. Potentially, a big bounce could ensue and take BTC to $5600, and then finally challenge the $6000 level. The tables may be turning in the market as the Bulls fight to regain control of a long bear market. We have developed strong support, and I see more upside potential for BTC and the top coins alike.
Comment:
Volume is huge today as well, which is always a great sign. $20B for BTC, $38.5B for entire market.