In our forecasts, we usually focus on the currencies, indices and commodities. This time we will analyse the Bitcoin, which finally showed us some skills and is currently undergoing a bullish correction. This instrument is not new for us. We wrote about the BTC multiple time and most of the times we were very successful with our opinions.
From the technical point of view, we do have a strong buy signal here. First of all, the price created a false breakout (light green) of the up trendline (blue, connecting higher lows since the July 2017). What is more, we broke the down trendline (red, connecting lower highs since the December 2017) and the orange resistance around the area of 7500 USD (relevant since the 15th of March). All that creates a positive scenario for the BTC.
The closest target is the area around the 9000 USD (yellow) but the real up trend should start once the price will break the 11k USD mark (red). I guess, that for that, we will have to wait a little bit more. 11000 USD proved to be crucial for the long-term situation of the BTC and I think that talking about the major buy signal with the price still below that level is a bit premature.
