Does the Bitcoin (BTC) Run Start Here?

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The charts appear to be lining up for Bitcoin (BTC) and cryptocurrency. Those who bet on the June and July lows saw a major win as Bitcoin (BTC) price climbed over 7,000 USD and Ether (ETH) hitting 500 USD. When the market seemed to be at the depths of despair and crypto investors expected lower prices in the short term the sudden rally reignited enthusiasm.


This recent move can be attributed to a few things but let's focus on the chart and what technical analysis might indicate to us. Focusing on the market leader, Bitcoin (BTC), we may be able to come up with an educated guess. Looking at the long term, since November of 2017 around 6,000 USD has been a key support level for bulls. anytime it has fallen to that price it has been viciously defended. Often these result in rallies that last several weeks and then gradually cooled off. At the bottom of each of these, a similar pattern emerges, an inverse head and shoulders. Even looking at the chart zoomed out we can clearly see these patterns demonstrated. When we look at a more zoomed in view of Bitcoin (BTC) over the last few weeks the pattern becomes readily apparent.


Are we Headed for a Bitcoin (BTC) Run?

Though the cycle is quite long the pattern is still clear, almost textbook in its definition. When we reference back to the longer chart another pattern is painted across the ticker. A rather large falling wedge that has been building for months. All of it ending in the inverse head and shoulders formation.

So what does it all mean? Typically these are extremely bullish formations and indicate higher highs are coming in proportion. At this time Bitcoin has broken it's 7,000 USD hurdle passing 7,300 USD. This was a major break for the near term and is very likely to push even higher. The next major points of resistance, and more importantly, possible rejections are 7,500, 7,800 and 8,000.

As noted before this cycle has been over a longer time frame. In the past the longer the time frame the less drastic and slow the recovery. This is an important indicator to watch as well. If things move sluggishly and don't continue to pick up momentum Bitcoin (BTC) and the market that follows it could very well end up back around the 6,000 USD mark for another round of defense. For now, keep relatively tight stops on trading positions and stay vigilant. If momentum does pick up and the cycles quicken this could be the start of the next big crypto bull run, lead by Bitcoin (BTC) once again.   

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Disclosure:

I have received no additional compensation other than the Ethereum that Hade Technologies pays to produce Exclusive content

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