On the chart above we can clearly see a fake breakdown of support in the form of the moving average (EMA300/grey bold line)... EMA200 (orange) was working as resistance but was also broken with Bitcoin now trading above it.
Even more important is MA200 (black line) which is now below Bitcoin's price... In just two days, Bitcoin managed to conquer all of these levels and is aiming higher... Where to next?
We have a and with basically no sellers. The past few days Bitcoin just continues moving higher. There is no reason to believe that Bitcoin will stop unless it does so, so we aim for the next target.
We are now looking at $10,500 next followed by $11,350.
If these levels can be broken, you can expect Bitcoin to reach $12,400+.
This is no exaggeration, the is really strong right now and this is the type of move that supports the bullishness we are seeing with the altcoins market and the fact that a new cycle is already on...
The bear market is over... The bulls are back in control.