What It Will Take for Bitcoin to Reach New Highs

Barrons2021-08-18

In my last column on May 24, I wrote that Bitcoin was attempting to stabilize after being cut in half from April’s $64,800 high. That high was an important intermediate-term barrier. Why? Because each...

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Comments

dw321
2021-08-18
dw321
You all buy lah
Linnleo
2021-08-18
Linnleo
Looking forward to it
- Linnleo:
  a matter of time
Sriwonc
2021-08-18
Sriwonc
Like and comments
- calbee_lwh:
  K
咩咩虎
2021-08-18
咩咩虎
Nice
- 咩咩虎:
  Good
Rudyy
2021-08-18
Rudyy
Like
- Boo2bear:
  Done. Like pls
TinoSQ
2021-08-18
TinoSQ
Do reach new highs ASAP!!

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That high was an important intermediate-term barrier. Why? Because each new high was a smaller percentage higher than the prior high, signaling weakening momentum.\nFor that reason, I advised my clients in April to place a closing stop-loss order on Bitcoin at $51,000. In my May 24 column, I said that a break below the $50,000 support level would lead to a $30,000-$50,000 trading range.\n\nFast-forward to today. The weekly chart illustrates that after sinking more than 50% into the $30,000 support area, Bitcoin formed what I call a “1-2-3” bottom (three dives into support accompanied by waning momentum to the downside). A positive reversal (a lower low than the prior week and a higher close for the week) launched the recent rally.\nNotice that Bitcoin is beginning to bump into resistance from a rounding top in the $50,000 area. Bitcoin’s challenge will be to hurdle this strong resistance area. 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Like <u>pls</u>","text":"Done. Like <u>pls</u>","html":"Done. 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