Hello all,
Here is the chart of Today :
As Bitcoin' consolidates after a bullish swing what better time to do a little fundamentals on the space as a whole. It starts with a cup of coffee' and the understanding of how payments are processed. But first lets take a look at the chart.
Yesterday we posted that we were looking for a Friday close above 6900. This would show that there is still some underlying momentum left, and we can look for a further impulse move toward our target levels. After finding support at 6800 Bitcoin' was able to close above 6900 forming a pin bar . We are seeing continued consolidation around the 6900 level which, as we mentioned on S.C., has us staying on the sidelines patiently waiting for an opportune trade.
IF Bitcoin' can hold the 6900 level by the end of day, it is very likely we see a final impulse move up and into the 7200-7500 area. The low to mid 7k range has been our target for weeks now, and in hindsight closing our position trade at 6700 was a little early. These are very difficult areas to trade out of and like poker when your Head sometimes you take what is simply on the table and do not let the others see a turn or river card. We choose to close out position early as we believe it is likely we get another opportune to buy lower.
We still have an open position which provides some exposure with the goal to trade around this position reducing the average cost for the longer term. Simply we are looking at this point for opportunities to add long term.
Bitcoin' and cryptos are changing the way we transact, no different then the internet changed the way we buy goods and services. Whether Bitcoin' becomes the gold' of cryptos only the future beholds, but looking at crypto funds and their allocation to bitcoin' puts the odds in favor that it does.
I wish you massive profits :)
