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๐Ÿ“ˆ Daily TA: Bitcoin (BTC/USD) | 01-12-2020

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cryptospa
@cryptospa
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Hello, dear members of LeoFinance!

Bitcoin has been recently approaching a couple of times the psychological level of $20,000 but hasn't been still able to hit it and surpassed it. Definitely, we are Bitcoin bulls and know that it is just a matter of time when it happens. And, we know that in the long run, BTC won't stop to increase in price - $20,000 is not the top, neither $30,000 nor $50,000, etc. As Max Keiser said 'Bitcoin has no top because fiat money has no bottom!

But, let's see how the short term perspective looks like. Let's have a look at the chart of Bitcoin in the weekly time frame (1W), and, as can be seen from the chart, BTC/USD formed last week a Long-Legged Doji: Theoretically, the Long-Legged Doji is a candlestick formation indicating a period of indecision, consolidation, etc. Some traders even consider it as a potential trend reversal signal.

However, I would like to point out that as long as the local lows of the weekly candlesticks and their local highs continue to increase I will remain bullish on Bitcoin in the short term as well. As can be seen in the chart above, the local low of the current candlestick (that is a bullish one) is higher than the local low of the Long-Legged Doji. The same holds for the local highs. That's why I think that very soon Bitcoin will attack the psychological level of $20,000!

To be continued ...

As of the time of writing, one Litecoin is at the level of $19,188.71 on Bitstamp, according to TradingView.

A few words about me:

Just to let you know: I've been working professionally as a currency analyst for the last 14+ years, and as a cryptocurrency analyst for the last 3+ years.

Important!

Keep in mind, that thoughts expressed here are my own, and they should not be regarded as recommendations for any cryptocurrency/commodity trades, investments and etc.

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