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Monday 10/08/2020 - Bitcoin last week and this week to come

Updated: Oct 29, 2020

Everyone seems excited about the prospects of Bitcoin as the leading Crypto currency and as the US dollar tries to find it's feet, the power of Gold and metals have been there applying pressure into the market. Of course there is more to the metals success than just the over printing of the greenbacks and that of the Coronavirus.


Bitcoin seems to be dominating conversation as does all the Crypto's, and for good reason. As we move into an age of technology the idea of a singular currency or that of one that is paperless is of course a dominating idea and Bitcoin is pioneering the way forward.


Last week we saw Bitcoin reach new highs above $12,000 thereafter we saw retraction.


I believe this week ahead will see further moves bullish for Bitcoin as it gets tested breaking new ground as it goes long, as we have already seen today. It's of my opinion that Bitcoin may be looking to go to the $13,000 within the next two weeks.


The four hour chart clearly indicates the long movement over the last couple of months but it's the one hour chart that shows the buying power of this currency and the faith people have in it as seen below.


I think it's wise to be somewhat reserved on the amounts one trades in Crypto's at this stage though!




Happy trading, Trader!


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