Bitcoin: Buyers Coming Back in with Strength
On April 22nd I wrote that it was highly likely that Bitcoin would
continue down to test the 45,000 support level. However, I also
said that it could turn out to be a failed breakout of the 51,300
support level. I said we would know fairly quickly within 24-48
hours.
Well, it took about 72 hours. Price is now back above the 51,300
support level and buyers came in with a lot of strength on April
25th around 5PM PST. Click link to see this on
hourly chart screencast.com/t/vuI4yHmgzDGd
Today, on the daily chart we printed a buy volume climax bar and yesterday
was also a buy volume climax bar. I have pointed these out with blue arrows.
These two consecutive buy climax bars and price passing above the high of the April 23rd
sell volume climax bar increase the chances of price
continuing higher very soon. We'll see if price can completely come up and smash through the
21 day EMA which would make the sellers very nervous.
Now, it is also possible we could see another move down because when price corrects it usually does it
in at least two moves. If that did happen, I would say it could go to the 44,000 price
level or a little lower because that is where the 21 day EMA is for the weekly chart. I would then expect a bounce
and resumption of the uptrend after that.
We'll see what tomorrow's bar brings!
Note: I do not own any Bitcoin at the moment.
continue down to test the 45,000 support level. However, I also
said that it could turn out to be a failed breakout of the 51,300
support level. I said we would know fairly quickly within 24-48
hours.
Well, it took about 72 hours. Price is now back above the 51,300
support level and buyers came in with a lot of strength on April
25th around 5PM PST. Click link to see this on
hourly chart screencast.com/t/vuI4yHmgzDGd
Today, on the daily chart we printed a buy volume climax bar and yesterday
was also a buy volume climax bar. I have pointed these out with blue arrows.
These two consecutive buy climax bars and price passing above the high of the April 23rd
sell volume climax bar increase the chances of price
continuing higher very soon. We'll see if price can completely come up and smash through the
21 day EMA which would make the sellers very nervous.
Now, it is also possible we could see another move down because when price corrects it usually does it
in at least two moves. If that did happen, I would say it could go to the 44,000 price
level or a little lower because that is where the 21 day EMA is for the weekly chart. I would then expect a bounce
and resumption of the uptrend after that.
We'll see what tomorrow's bar brings!
Note: I do not own any Bitcoin at the moment.
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