The bulls don't seem to be done with Bitcoin yet, this weekend has mirrored the pattern that was seen last week. Alternative cryptocurrencies sold off while Bitcoin continued to consolidate near its highs. The higher lows on shorter time frames alongside higher highs signal that Bitcoin may have formed and then broke out of an ascending triangle. If the technical analysis target plays out, we should see Bitcoin approach around $53,000 in the coming week. There are warning signs that should be taken into account, however, for example, the TD Sequential. The TD sequential is signaling a momentum reversal, the most likely case to play out according to the technicals visible on the table would be another leg upward into a quick sell-off. Only time will tell. The possibility of other large corporations buying Bitcoin has been circling the grapevine. For example, Max Keiser speculates that Oracle could be the next big company to put a stake in Bitcoin. Perhaps this news will be the fuel needed to rocket Bitcoin over the 50k barrier.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.