(Photo by George Frey/Getty Images)
Hello crypto community, I just wanted to share my own personal analysis on Bitcoin. Bitcoin is slowly gaining more momentum towards the upside due to it becoming more mainstream.
Many people may be asking themselves why Bitcoin had a deep retracement on September 1, 2017. The reason for such retracement is due to a regulatory crackdown in China and J.P. Morgan’s claims of Bitcoin being a scam which caused the price to plummet from its all-time high of $4950 to $2920. Two firms associated to J.P. Morgan, JP Morgan Securities Ltd. and Morgan Stanley bought roughly 3M euro worth of XBT note shares after the dip. Bitcoin then regained momentum to the upside and it is, at the time of this writing, struggling to breach the $4950 level. Overall, I have a bullish bias on the price and am confident with my analysis that it won’t be long before Bitcoin makes a new all-time high.
So why do I have a bullish bias on Bitcoin? First, as you can see in the chart provided above, also respected the daily 50% Fibonacci level, a golden key level in the world of technical analysis. Secondly, the daily counter-trendline was broken indicating a breakout from the downtrend retracement. Finally, the moving averages indicate an uptrend on the daily time-frame. If the $4950 monthly resistance is penetrated it will become a level of support, a level where bitcoin is very likely to retrace before continuing to the upside.
Disclaimer- This Bitcoin analysis should not be taken as an investment advice, simply take it as an additional confluence to your trading decisions. I do not hold myself accountable for any profit or loss made.