Bitcoin has crossed its 200 DMA which is a very bullish signal. For me this will encourage more buying pressure on the 'long' side for Bitcoin thus driving the price up higher. I am expecting some correction and drop and maybe a consolidation but this may happen once it blasts through $10k rather than before. I am not sure on this but that is a feeling I have at this moment in time but the price action may prove me wrong.
Bitcoin touched $9198.50 on IG's platform and I believe hit $9.2k and more on certain exchanges. My shorter term price target was hit as per my shorter timescale (see previous post).
Bitcoin's price action is still bullish when you look at the 'Relative Strength Index' (RSI) and 'Moving Average Convergence Divergence' (MACD) on the 'daily' and both are still in bullish zones.
A lot of traders were waiting for the Bitcoin price to decline to $6,000 and below to $3,000 again. So called experts and well respected individuals came out and stated as such. This has not materialised and Bitcoin now is more likely to hit $10,000 than hit $6,000 or $3000 based on odds and probabilities.
For me trading is all about serious consideration of the price being more likely to move to a certain price area than not based on stronger odds and probabilities. That is a very important part of my trading strategy. This serious consideration has helped me in the past many times and ensured I did not miss out of big trends when eliminating all the 'market noise'.
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