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TinoSQ
2021-08-18

Do reach new highs ASAP!!

What It Will Take for Bitcoin to Reach New Highs

In my last column on May 24, I wrote that Bitcoin was attempting to stabilize after being cut in hal

What It Will Take for Bitcoin to Reach New Highs

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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.</p>\n<p>For 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.</p>\n<p><img src=\"https://static.tigerbbs.com/a40cbcc68a369821d6f68fb6c13ad4b6\" tg-width=\"1918\" tg-height=\"1024\" width=\"100%\" height=\"auto\"></p>\n<p>Fast-forward to today. The weekly chart illustrates that after sinking more than 50%&nbsp;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.</p>\n<p>Notice 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. But if it can’t overcome that barrier in the next few weeks, then we would expect a pullback to the $42,000-$40,000 area. Holding at or above $40,000 would position Bitcoin to “refuel” and be in a stronger position to challenge the $50,000 barrier zone.</p>\n<p><img src=\"https://static.tigerbbs.com/08f6857327bae5cd8c633484ec4fd302\" tg-width=\"1918\" tg-height=\"895\" width=\"100%\" height=\"auto\"></p>\n<p>A daily closing chart shown next illustrates in greater detail the rounding top and $50,000 resistance barrier. The rally off $30,000 support is nearing a $50,000 trendline resistance—just as momentum is overbought. That’s another reason why a pause/pullback is likely to begin by next week.</p>\n<p>Longer term, if Bitcoin could consolidate successfully as its overbought momentum gets worked off, a new cyclical advance could lead it to new highs.</p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>What It Will Take for Bitcoin to Reach New Highs</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhat It Will Take for Bitcoin to Reach New Highs\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-08-18 09:52 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/bitcoin-price-could-it-reach-new-highs-51629218827?mod=RTA><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>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...</p>\n\n<a href=\"https://www.barrons.com/articles/bitcoin-price-could-it-reach-new-highs-51629218827?mod=RTA\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GBTC":"Grayscale Bitcoin Trust"},"source_url":"https://www.barrons.com/articles/bitcoin-price-could-it-reach-new-highs-51629218827?mod=RTA","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1106745887","content_text":"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 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. But if it can’t overcome that barrier in the next few weeks, then we would expect a pullback to the $42,000-$40,000 area. Holding at or above $40,000 would position Bitcoin to “refuel” and be in a stronger position to challenge the $50,000 barrier zone.\n\nA daily closing chart shown next illustrates in greater detail the rounding top and $50,000 resistance barrier. The rally off $30,000 support is nearing a $50,000 trendline resistance—just as momentum is overbought. That’s another reason why a pause/pullback is likely to begin by next week.\nLonger term, if Bitcoin could consolidate successfully as its overbought momentum gets worked off, a new cyclical advance could lead it to new highs.","news_type":1},"isVote":1,"tweetType":1,"viewCount":162,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":21,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}