A lot of noise, people arguing.
"Bitcoin is unstoppable!"
"No, it's a double top and we'll go back to 3000$!"
"Putin is banning cryptocurrencies"
"In Zimbawe there is a café where you can pay in Bitcoin!" and so on.
In the end the breakout happened and we are now at new all time high.
And finally silence, like an astronaut passing the line of atmosphere: suddenly calm and silence.
Yes but...now? We are in unexplored area and we have no reference.
So we must keep our investment strategy focused on charts to face the future with confidence.
BITCOIN
SHORT TERM
1 hour chart
Trend is clearly positive, but last movement has brought RSI in overbought area, so we could expect a consolidation phase on current levels.
Looking at levels, the most important one is support at previous high at 4965$. Personally I don't expect a so deep retracement, but a sideways movement around 5100$-5300$ in order to unload RSI.
MEDIUM TERM
1 day chart
As I wrote yesterday in this post, it was all a psychological matter, so breakout was very strong, with high volumes, but altough this we are only in the middle of ascending channel. RSI has just entered in overbought area, but there's more room, considering that on previous highs it went over 80.
MACD is still positive and it doesn't give any signal of weakness of trend.
So medium term target could be placed on the upper part of the channel, in area 5500$. The support is clearly at 4965$ and this is a very important level.
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