Wow, this was an awesome day for Bitcoin and most cryptos really. We were first down a lot and tested the ground at 6000 but then we were able to recover and actually make gains as well. Here is the daily chart:
Comment: First of all, I want to mention the volume, today we actually had the highest volume day EVER for Bitcoin since we went above $1000. So, that is a major sign of strength. Im not saying that the danger is over by any means, but Im a little bit optimistic here again.
Alright, we also formed a very nice looking hammer for the day and we closed about 12% up which was very welcome.
In addition to that, we also closed above the important price level of 7450 which is the peak that function as support for Bitcoin so we had a lot of stuff to be impressed by today for Bitcoin.
In terms of my next target for Bitcoin, Im aiming for 9500 which is the little peak we had 4 days ago.
Now, lets finish up with a look at the area line chart. Here it is:
Comment: If you watch the video Im explaining how the steepness of the pullback has changed in stages and that we had a very steep fall during the last 9 days.
But when it comes to the next major hurdle to the upside it is a daily close above 11700 that we must surpass in the next attempt.
Happy investing!