Bitcoin rallies and seems unstoppable on the Daily chart. Price ignored other potential upside targets and looks poised to reach fresh new highs in the upcoming period. The rate resumed the upside momentum and is very close to reach the 13000 psychological level.
There were rumors that the cryptocurrency will drop aggressively and that this is only a bubble, but Bitcoin remains very attractive. Personally, I would have liked to see a minor drop because a retreat could give us a chance to go long again. We’ll see how long this upside momentum will be because the sellers could strike back. A high volatility is expected in the upcoming period, but the perspective remains bullish and will remain the same in 2018 because more companies and entities will focus on it.
I’ve added the BTC/USD Daily chart because maybe you are interested to speculate on it. Right now is better to stay away because it is strongly bullish and seems determined to reach the WL9 if will close the day above the second warning line (wl2) of the minor ascending pitchfork. Technically, a reversal could appear from the WL9, but nothing is certain. You can see that the rate has respect some of my potential resistance and support levels. Using the Pitchfork trading strategy on cryptocurrencies is a challenge for me because it wasn’t tested on crypto, but I’ve made hundreds analysis on different crypto pairs and looks like it gives best results.
I’ve said in the last articles that is not advised to sell the Bitcoin because it could increase sharply anytime. It has shown some exhaustion signs in the last week but remains strongly bullish. Personally I would have liked to see a upper median line (uml) retest before moving higher, but the buyers were very strong.