Bitcoin is on the verge of closing above $10k, which could mean more good things are on the way for ol bitcoin...
Bitcoin is on the verge of closing above $10k for the first time in months... something we haven't seen happen in an uptrend since June of last year.
We got close in October, but we weren't able to actually close above $10k during that time.
During the last 2 occasions that bitcoin closed above $10k, we saw massive jumps immediately following.
How massive you might be wondering?
Well, check this out:
- Jun 19: BTC was up 180% YTD and then jumped $4k in 4 days after closing above $10k
- Dec 17: BTC was up 980% YTD and then jumped $7k in 7 days after closing above $10k
- Feb 20: BTC is up 40% YTD... ???
If those past 2 patterns were to play out again, we are in for some major fireworks in the next week or so...
In both instances bitcoin jumped thousands of dollars within a week following a close above $10k.
(Source: https://www.tradingview.com/symbols/BTCUSD/)
Today's close is very important on both the daily and the weekly chart.
The environment is much different now than it was back in 2017 when bitcoin hit $10k for the first time ever, but it isn't that much different from the environment when prices hit $10k back in June of 2019.
Perhaps that one can give us some hope for more follow through in the days to come.
We shall see.
Stay informed my friends.
-Doc