The Bitcoin bears lost the battle; Bitcoin is now set to hit a new all-time high. The bullish bias is confirmed.
This week started bad and red. Red because of lower prices and bad because last week closed as an inverted hammer, perfect bearish signal. This hammer was supported by another rejection just three weeks further back. And so, Bitcoin was looking bearish but not for long.
This same week now has a long lower wick, boom! Prices are recovering strong.
BTCUSDT moved down and tested EMA13 (orange) as support. It moved below EMA8 (red) for a few days and never reached EMA21 (yellow). Bitcoin’s current price is trading safely above EMA8 ($115,288).
The week recovered all loses and is now trading almost at the top of the session. This is ultra-bullish and can result in a DragonFly Doji. Bitcoin closing at current price or higher, confirms the bulls are in. Once the bulls are in and confirmed, something we predicted already using the altcoins, we know we will get a higher high next. A higher high needs resistance and that’s $137,000 short-term. Mid-term $155,600 and beyond $200,000 long-term.
Thank you for reading.
Namaste.
