Bitcoin: Trend Up
Eddie Tofpik | Dec 04, 2017 06:24
About the end of last week, right after Thanksgiving, we saw a rally out of nothing...or at least that was what it was supposed as most of the buying had not come from the usual geographical locations (China, Japan, South Korea plus some countries whom have repressive regimes). Rather it came from the U.S. The rise and fall was all basically in one day and was called by some media '...a crash.'
I would disagree with that. Usually a crash is seen as a 10% move lower close-on-close. Well we only had a tiny move down close-on-close; we'd actually formed an Indecisive Doji Cross. This action could be seen as the top of a market but only if we have reversal from the previous Bullish trend...and this wasn't the case.
The next day we had a new all-time high close and every day since and today (Sunday) we punched up through the previous all time high to make a new one.
My guess for the reason why we saw the rally was a simple one...family gathered around the Thanksgiving Dinner table swapping stories when someone says Uncle Joe or the neighbour down the street have read in the paper about Bitcoin and have bought some and made a fortune...so why don't you plus...early Christmas present buying.
More psychological than TA but nevertheless, a thought! Overall, still very Bullish and the recent hesitation makes way to look at perhaps the recent action being a possible Bullish Halfway Hesitation...again, just a thought at this time. We have some overhead projected resistance nearby into the future, the most important being the 50% Fibs at 12545 and 14287. Downside we have a new uptrend that looks interesting (currently 9737). For Neutral you'd need to look at consecutive closes below 4530 & Bearish you'd need below 2883...hardly likely for both at this time.
Support is currently at 11373, 10872, 9548 (dynamic), 9407, 9000, 8667, 8428 and 8354.
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