Bitcoin (BTC), judging from candlestick arrangements, can easily surge to June 2019 highs.
Given the strong reversal of Nov-Dec 2019 losses and positive signals generated by one of the most closely followed technical indicator, the MACD, there is little argument to remain bearish. This is according to one of the crypto space most respected trader, FlibFlib, who took to twitter to express his two cents.
Hints from the Bitcoin Chart
At pixel time, BTC is trading at over $9,500 and retesting a key liquidation level. For all there is, bulls are firmly in control and have reversed losses of Dec 2019.
As it is, it is highly likely that prices will close above Nov 2019 highs, setting the foundation for another rally that may lift BTC further into the green.
Going forward, it is imperative that BTC bulls comprehensively break and close above the $9,500-600 resistance zone at the back of high trading volumes.
This, as per candlestick arrangements, will nullify the bear breakout of Sep 2019 more so if the accompanying bull bar is with high participation as aforementioned.
Failure could see BTC crater and the bear breakout pattern of September 2019 confirmed in a move that would pour cold water on the current anticipation despite expectations of better prices, four months before a decisive halving.
According to FlibFlib, the confluence of supportive technical factors derived from the daily chart is supportive of bulls and therefore, there is little reason for a bearish argument.
“Bitcoin closes the Month tomorrow. A close above $9158 prints a higher high on the monthly close for the first time since June 2019. There is also a bullish cross on the MACD above zero. Difficult to have a bearish argument tbh.”
Bitcoin closes the Month tomorrow.
A close above $9158 prints a higher high on the monthly close for the first time since June 2019.
There is also a bullish cross on the MACD above zero.
Difficult to have a bearish argument tbh. pic.twitter.com/At3D0tDWmk
— fil₿fil₿ (@filbfilb) January 30, 2020
Google Search on Halving on the rise, Hash Rate is at new highs too
Away from candlestick arrangements, several factors are playing into bulls, and could support prices going forward. For example, the rise of Google search terms for “Halving” is on the rise indicating interest from the public.
3 months before the 2016 halving Bitcoin was around $400
If you told most people that BTC would hit $20k in around 600 days, most wouldn’t have believed it
We are 3 months before 2020 halving
Once again, the possibilities are endless for BTC
— Crypto Capital Venture ⚡ (@cryptorecruitr) January 29, 2020
Secondly, ahead of an emission’s shock, the network is secure and hash rate at new highs.
Was updating some charts and noticed that bitcoin's 30D rolling average hash rate has remained above 100 million TH/s (and rising) since January 11, 2020 ? pic.twitter.com/7j6iFwdBnO
— ria(search) (@riabhutoria) January 30, 2020
Also, the number of unique BTC addresses has been on a steady uptrend. This translates to perfect distribution and use of BTC not only as a safe haven but a medium of exchange as originally designed.
$BTC total addresses continue to rise at a consistent level. More addresses tend to suggest more distribution which can help with the long term value of #Bitcoin. @glassnode pic.twitter.com/XzUruqWnng
— Income Sharks (@IncomeSharks) January 7, 2020