Bitcoin technical: Ouch! Bitcoin pushes to $6K




Dow >23K but it is also pushing a new step, to $6KThe Dow cracked 23K this week and is up 17.6% this year, but this is also the approach a key step to $6K. For this, the key step is 6K. The gain for the year? Approximately 520%!
Oops!
Earlier this week, prices have declined by about 9% intraday, but since then, the cryptocurrency has moved from $5109 (nearly 200 hours MA level of the green line in the chart below), with a high today at 5996 (it is getting new heights as I type). It’s $887 bucks or 17.3%.
Oops!

The move higher yesterday pushed above the 100 hour MA (blue line in the chart above), and later in the day, I wrote the following text:
The upward movement yesterday and today — has seen the price move back above its 100-hour MA (blue line).

  • Stay on top of MY line to 5584.76 and the buyers remain in control. The all time highs will be tested.
  • Move below and the rally higher is slowing and we could see a return toward the 200 hours MA at 5304.77 (and rising).

What happened?
Prices remained above the 100 hour MA. Buyers remained in control and they pushed the prices up (see chart above).
The upward movement has taken the $5866.03 high from Friday of last week. It is now close to risk for long. Other risks include the earlier high for the week 5785.29 (see the 5-minute chart below), and the 100 hour MA at 5599.63. Moving below these levels, and the buyers are losing more control.

As mentioned in previous posts, the negotiation of the crytocurrency requires to pay attention to the technique. The volatility is simply too great. So the smart traders in cryptotrading, will tend to define and limit risk against the technique. To ignore the clues opens up a potentially large fluctuations.
So, be careful. Be disciplined and listen to what «the market» said.

But a word for the bitcoin….
Oops!



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