Here is the weekly chart for Bitcoin:
- We need a strong close on the weekly candle, above $6550, to further support our bullish view and momentum.
I've been describing several different types of charts signals and indicators.
A bullish signal doesn't mean that Bitcoin will go up, just like a bearish signal doesn't mean that Bitcoin will go down.
These signals are just that, signals. On top of the signal you need to take into consideration additional factors in order to try and understand what the charts are saying.
No signal, indicator, candle formation, news or event can predict the next movement of an asset. These signals are meant to point you in the right direction, but the market always knows best and can decide to go its own way.
So we look at many signals, many different ones and gauge their strength, based on the strength of these signals we can say if the asset, in this case Bitcoin, will either go up or down, yet, the market is the one to decide in the end.
So having many bullish signals improve the chances of Bitcoin going up.
While having many bearish signals improve the chances of Bitcoin going down.
But either one determines what Bitcoin does.
The market is always there, with its own live, just playing around.
I post these signals because they are coming from the charts and describe each individual signal for your learning and entertainment and also to support my view. But that doesn't mean that I know what will happen with Bitcoin. I am only sharing what the signals are trying to tell you.
That's why we look at many different signals, but they are not always right, they are not always correct. So with many different signals, the cloud, altcoins, candles, indicators, etc. We can strengthen our view of what might come next.
Namaste.
Yes! I agree. I do see a run to 7K soon though.
The Japanese Trustee for MTGOX has removed another 5000 BTC from his wallet. I think bitcoin will dump
https://bitinfocharts.com/bitcoin/address/16rCmCmbuWDhPjWTrpQGaU3EPdZF7MTdUk
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That´s the thing with predictions. They are not and will never be 100% accurate. I just hope for some more market stability in the future. Keep up the good work alanmasters!