BTC, along with most other cryptocurrencies, staged a huge rebound today. The coin went from $3000 to roughly $3800 in less than 10 hours. Many were calling BTC a buy at the $3000-$3200 range and they were right.
So where does it go from here? Looking at the 4 hour chart, to me, it is very clear. We are at a crossroad.
The important part of this chart is the 30 SMA. BTC hasnt resided about the 30 since the extended run ceased at the end of August. Since that time, BTC crossed it once for a brief period and bounced off it (At the $4400 mark) another time on its way down to $3000. We are coming up to the 30 again, does BTC get through it?
If it hits and stages a pullback, look for the $2800-$3000 mark to be hit again. However, if it can break through, with some volume, I will place a $6000 handle in the cards. On the daily chart, not shown, the overbought/oversold condition is neutral so there could be plenty of buyers to jump in.
Remember, BTC was publicly hammered the past week or so, most of it meaningless noise. Jamie Dimon is just running the "when the bankers are threatened" playbook and China is simply trying to control something that is uncontrollable. Now please bear in mind, a pullback on other rumors or attacks could happen. However, that doesn't mean the long term potential has changed.
As always, I am not your financial adviser..just someone posting idea online. Get your own professional help (whatever help you might need).
Hey give me an upvote and a resteem if you feel like it...I greatly appreciate the help.