Bitcoin's bullish $6500 iron curtain (Bitfinex)
Updated
Bitcoin BTCUSD (Bitfinex): Looking at the 1 day chart, BTCUSD seems to have found strong support at MA50 which coincides with the very strong horizontal support at $6500. There hasn't been a candle close below this level since 11 October when global equities markets took a dip so expecting this support to hold up as the whales consolidate and accumulate in this range before the next move up which should happen soon enough. The falling wedge pattern is taking a bit longer to play out but still looking good. Low volume as we approach the apex of the large symmetrical triangle which has been forming on the weekly chart within a larger bullish falling wedge.
For interest sake and for a snapshot of the state of global stock markets, I've included a pic below of the FTSE100 1 day and monthly charts as an example so you can see how the MA50 day moving average crossed MA200 to the downside on 11 October, as well as the scary bearish rising wedge on the monthly charts which has been forming since 1988. Definitely not looking good at all for global equities markets over the next few years and it seems to show the same recessionary pattern forming on the monthly charts for all of the developed markets such as the S&P500, Dow Jones Industrial Average, Nasdaq100 etc). Recession is looming so commodities and bitcoin will be the order of the day for 2019, with gold already rallying and silver on the verge of a bullish break out.
Bitcoin Van Eck ETF approval is now looking imminent for Q1 of 2019. Bitcoin now has regulated derivatives and custodian services, mitigated concerns of price manipulation, large institutional involvement and the Bakkt platform launch coming in December. Recent meetings taking place between Van Eck, SEC, SolidX and CBOE can all only be constructive imo.
Target 1: $7140 - $7300.
FTSE100 1D Chart:
FTSE100 1M Chart:
For interest sake and for a snapshot of the state of global stock markets, I've included a pic below of the FTSE100 1 day and monthly charts as an example so you can see how the MA50 day moving average crossed MA200 to the downside on 11 October, as well as the scary bearish rising wedge on the monthly charts which has been forming since 1988. Definitely not looking good at all for global equities markets over the next few years and it seems to show the same recessionary pattern forming on the monthly charts for all of the developed markets such as the S&P500, Dow Jones Industrial Average, Nasdaq100 etc). Recession is looming so commodities and bitcoin will be the order of the day for 2019, with gold already rallying and silver on the verge of a bullish break out.
Bitcoin Van Eck ETF approval is now looking imminent for Q1 of 2019. Bitcoin now has regulated derivatives and custodian services, mitigated concerns of price manipulation, large institutional involvement and the Bakkt platform launch coming in December. Recent meetings taking place between Van Eck, SEC, SolidX and CBOE can all only be constructive imo.
Target 1: $7140 - $7300.
FTSE100 1D Chart:
FTSE100 1M Chart:
Note
Edit: Sorry forgot to re-add the moving averages
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