BTC Quick Update
After its low of around $6,400 yesterday, Bitcoin climbed over $1000 to register a high of around $7,500, surpassing the previous high.
The 4-hour technical situation, after a rise of this magnitude, is showing slight signs of running out of steam, while the 1-hour technical indicators, while still bullish, are approaching their overbought zone.
On a daily horizon, the WaveTrends has just given a buy signal, which is rather good news.
What to expect then?
Bitcoin is trading above its weekly open for the moment, with shorter term indicators indicating that a sideways phase or even a correction could appear.
In that case, it will be imperative that Bitcoin marks a higher low in order to confirm a possible bullish turnaround, too early to say!
The most likely area for an upward reaction in the event of a correction is around 6800 - 6850$.
In the meantime, stay safe guys!
After its low of around $6,400 yesterday, Bitcoin climbed over $1000 to register a high of around $7,500, surpassing the previous high.
The 4-hour technical situation, after a rise of this magnitude, is showing slight signs of running out of steam, while the 1-hour technical indicators, while still bullish, are approaching their overbought zone.
On a daily horizon, the WaveTrends has just given a buy signal, which is rather good news.
What to expect then?
Bitcoin is trading above its weekly open for the moment, with shorter term indicators indicating that a sideways phase or even a correction could appear.
In that case, it will be imperative that Bitcoin marks a higher low in order to confirm a possible bullish turnaround, too early to say!
The most likely area for an upward reaction in the event of a correction is around 6800 - 6850$.
In the meantime, stay safe guys!
