[ Trading ] Bitcoin welcome rally!

in #trading3 years ago

What a nice break we had yesterday. We had a 24 hour low of $7380 on Bitstamp and then yesterday afternoon we had a rally to $7644. Currently we are at $7630 and I would think we will see a small pull back.

But that is only if we are forming another equilibrium before the next breakout up or down.

Here is Dan from The Chart Guys with his daily update on Bitcoin:

My Zukul trading robots are almost 100% loaded, so if we fall lower than $7200 I will have to close some of my lots and buy in lower.

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My Zukul dashboard on 6 June:

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Very welcome rally and nice surprise. I did not expect it.

Same here. Lets see what today brings. Maybe we will see another pop to 7800 and then a pull back.

That might be to predictable. Bitcoin is unpredictable. :)

Price has been able to close above the $7,600 level and has rejected to go lower multiple times since which indicators that price may bounce off this level and retest the $7,780 level that it failed to close above earlier in the week.

Screen Shot 2018-06-06 at 5.58.19 pm.png

the bull run is close

Yea a welcome rally but looks like a trap to me. i still think we are in bearish mode, this does not change anything for me. i am still expecting it to go down to around 7200 and if we dont make a strong rally from there then we will be testing 6700

You don't think we will visit 7800 first and then 7200?

not really. if we go above 7800 then we will be testing 8000 and it could get real. so far it looks like a test for weak hands ( like me )

The daily chart highlights the rejected earlier in the week of the $7,780 level, also showing us that the market is trading in a channel between the $7,375 - $7,780 region, which could mean tension is building in the market and we could see a strong breakout if price is able to consolidate for awhile longer.

Screen Shot 2018-06-06 at 6.05.30 pm.png

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Always a fleeting experience to see a BTC rally like this! Of course there is always a slight pull-back after a run like this, but who knows. Markets are highly unpredictable, especially crypto! Keep up the videos! Keep HODLING!

While everybody expecting some huge bull run, I am OK with BTC hoovering at these levels for some time. There is many cheap coins at moment and I am accumulating as much as I can at these nice prices...