Sunday, May 17, 2020

05-18 02:34 - 'At the gates of a new bull run?' (self.Bitcoin) by /u/nachoac97 removed from /r/Bitcoin within 37-47min

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Since the halving we have seen the bulls gain a lot of strength, as the priced climbed from $8,500 to $9,900 (at I'm writing this). According to my technical analysis Fibonacci level 0.786 ($9,091) worked as an important new support that pushed the price towards $9,900 after a -4.9% decrement in May 15th.

Looking at the 200 and 50 MA's, we see that we are next to a "golden cross", which is usually a bullish short-term indicator, except for the last one (refer to Apr 24th 2019 and Oct 27th 2015).

Regarding fundamentals we have:

-Of course, the halving. It's important to mention that it didn't turn out to be a "sell the news event", because we did not see a major crash.

-Paul Tudor declarations.

-JP Morgan accepting cryptocurrency exchanges.

On the other hand, we have a strong resistance at $10,000 - $10,500, a RSI level of 64 (above 70 is overbought) and a mining difficulty adjustment coming in 2 days.

*Just wanted to share my ideas. NOT FINANCIAL ADVISE

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At the gates of a new bull run?

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Author: /u/nachoac97

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