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Bitcoin Enters 2018 on a Bullish Note

Bitcoin $BTCUSD rallied sharply during the 1/2/2018 US session, from around 13.5K to about 15.2K before stalling. 

BTC/USD

  • The rally broke above a falling resistance.
  • This is a bullish sign that goes against my bearish assessment for BTCUSD last week
  • Still, note that price is being tested by the 200- and 100-period simple moving averages in the 4H chart.
  • If price holds above 14K, maybe it will indeed push towards the 16.5 support/resistance pivot.
  • Next, there are 2 events that would convince me a bull run towards 20K is coming.
  • 1) If price pushes above 16.5K. 
  • 2) If price starts to anchor (find support) at 15K.  

Media Explanation:

  • Most financial media today attributed the rise in BTC price to the revelation that Peter Thiel has been a big investor in bitcoin.
  • Now, if this is the first time a big name was thrown behind Bitcoin, I would believe it. But I think the rally is simply a result of timing - the market waking up after the holidays. 
  • Let's see if this initial excitement carries momentum.
  • We will see in the price action this week.

Bitcoin Discussion: Risk, Diversification and Investment Period

Bitcoin Has a Head-and-Shoulders Mood Right Now