Bitcoin Weekend Update
Another week goes by in the markets and Bitcoin along with the rest of the cryptocurency space pushed higher as fears of government crackdowns subside for now.  

Looking at the Daily picture a couple of things become important.

The first is that we are approaching the first major bout of resistance having bounced off the 61.8% fibonacci retracement line, establishing the uptrend off the early February low.  

This is the most important thing as it gives us a real sense that buyers are coming in to support the price at these technical levels.  

Second the initial reaction high at $11780 is about to be tested, as early as today or tomorrow.  A daily close above this would be great, if it holds through tomorrow's close that would be a weekly close, violating a previous high, also bullish.

Remember,  a signal gains strength through time.  So, a bullish event at the daily level that is also bullish on the weekly level implies greater commitment from bulls and vice versa.

Resistance that is not Fibonacci-related is marked on the chart at $12200 and ~$13000.  

Lastly, all of the important moving averages are now bullish, as the 144 day EMA (green line) is turning up.  There is a cluster of support underneath this market between $9900 and $10,500.

With a convincing break above $11780, Bitcoin should pop from here and we'll see a lot of alt-coins begin to get spillover buying as profit-taking and the rotation trade comes into play, but that won't happen until we hit at least $13000.  

So, use a weekly close above $11780 as a signal to add to positions that are laggards at this point.  For me, personally, that would mean positions like BitShares and WAVES.

If you have any questions feel free to message me here or on our private Slack channel.  Invite link is here.   If you want me to profile a particular coin I would be happy to do so. Send me a message here.

Tom luongo released this post 7 days early for patrons.   Become a patron