Bitcoin Price Action- More Room for Gains
by: BBB
Dear traders,
First of all- Happy New Year! Let all of your trading dreams come true! I wish you a very healthy year and let’s bitcoin’s price continue going higher and higher.
After a short correction just before the end of the year, Bitcoin is again on the rise.
Bitcoin Price Action- More Room for Gains
What can we expect from the price of Bitcoin?
After a retracement from almost 20,000 down to 12,000, bitcoin’s price is back up to 15,000 today. It seems to me that the worst is history.
The chart above is showing the 4 Hour Bitcoin price action chart. With a thick green line is pointed out the major support level and you can see on numerous occasions price action is confirming it.
Currently, price has re-bound from it and is standing at 15,000. What can we expect?
Before we answer that question, let’s have a look at the daily chart of Bitcoin:
From a price action point of view, there is a bullish engulfing pattern on the daily chart. This is usually a precursor of more bullishness.
I am currently looking for a retracement down to 14,500 and a price action confirmation from the 4 Hour chart. In case price does not retrace down to this level, I will be looking for a 4 hour price action confirmation and a long trade.
Happy Trading and good luck for 2018!
BBB Team
p.s.
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