Will We See Bitcoin Above $10,000 Soon?
It seems that the warm days of Summer when Bitcoin was trading above $11,000 are far behind us. The markets seemed to cool down in correlation with a colder Autumn. Bitcoin tumbled below $10,000 towards the end of September and hasn't recovered since. Bitcoin is currently trading at $7,318 and the market's sentiment seems a bit fearful of further dips.
Anthony Pompliano Suggests an Imminent Bull Run
One of Bitcoin's biggest cheerleaders on Twitter is Anthony Pomliano, sometimes known as Pomp. Besides being a co-founder & Partner of Morgan Creek Digital, Pomp is known for his podcast "Off the Chain". Pomp has recently shared an opinion & advice on an upcoming bull-run.
Important message as we enter the next Bitcoin bull market:â Pomp ðª (@APompliano) November 29, 2019
- BTC is very volatile
- You can lose all of your money
- Only invest what is ok to lose
- Twitter is not investment advice
- Don't buy BTC with credit cards
- Keep low time preference
- Do your own research
A Brief BTC/USD Weekly Review
First, BTCUSD weekly candle closed above EMA50 & 7.4K which is a strong bullish sign. Last week we've gained huge buying volume as we've mentioned previously.
Now it looks bullish BUT a big/key resistance is coming ahead. (EMA100/8000) 1W also on Volume Profile on 1D chart. Keep your eyes on 8000 level and it will show us a confirmation for MACD Bullish Convergence on 1D chart. The EMA50 & EMA100 are both playing key roles in the weekly chart. EMA50 = Key Resistance & EMA100 = Key Support on 1W chart. Please wait for an ADX positive confirmation.
So far things seem cautiously optimistic. We could hypothetically see Bitcoin maintain its price in the short-term and possibly grow towards upper resistance levels of $8,000.
A special thanks to Senin for Technical Analysis
Written by Jonathan Ganor
Writer & cryptocurrency aficionado