Forflies Crypto

Bitcoin – Next leg up?

After its recent 10% dump a few days ago, Bitcoin recovered pretty well and once again hit the 12,000 dollars level. This was followed by another, weaker rejection – and zooming out, this looks like a continuation pattern. Bitcoin spent around 85 days trading between 8,500 – 9,900 dollars before taking another leg up, and something similar could be happening here.

Another very interesting sign is the expanding moving average ribbon on the daily

Bitcoin generally seems to be trading within a continuation pattern at the moment, and a move up really wouldn’t be too surprising.

Also, Bitcoin’s small dump yesterday came to a stop right at the green ichimoku cloud on the 4h – that’s yet another sign of strength. Bitcoin is looking good, but I’m also seeing some opportunities to trade Ethereum and Gold.