After months of garbage, bitcoin is starting to emerge from the ashes.
After peaking in December of 2017 just under $20k, bitcoin has mostly only gone down.
There have been a few brief rallies along the way, but none of them went on to make a higher higher than the failed rally the time before.
Basically, it has been a long line of lower highs and lower lows for over a year now.
None of that has changed yet with this most recent rally, but at least we are seeing some bullish price action for the first time since plunging below $6k several weeks back:
(Source: https://www.coindesk.com/bitcoins-path-to-5k-faces-a-major-price-hurdle)
Cautiously optimistic?
There are some possible resistance points in the short term convening around the $4,400 price point, in the form of the 50 period moving average as well as some horizontal resistance that could prove difficult for bitcoin to bust in the very short term.
If bitcoin can bust through those, the current rally may have some legs.
The next major resistance point after that would be up near $6k, a spot I don't see bitcoin breaking for some time yet.
This recent rally needs to keep from making new lows if we are to have any hope of breaking this year long down trend, but so far the price action is encouraging.
Stay informed my friends.
Follow me: @jrcornel