Bitcoin Ready to Move to $9000, According to Bob Loukas

Share Article

Beginning in 2013, Bitcoin has generated the majority of its gains in only 10 days of the year. If we remove the 10 most profitable days each year, Bitcoin would have been down 25% since the beginning of 2013.  In order not to miss out on these gains, Binance Research suggests that the most profitable strategy is to HODL.

Sponsored





Sponsored

Other people, especially traders, might disagree. If someone were to HODL since December 2017, they would still be doing so at a loss of 50+%. Therefore, the right play would have been to sell in January 2018.

One such trader and analyst is @BobLoukas. He stated that Bitcoin is on day 23 of an upward cycle which began on October 24. Currently, the price is at the midpoint of this cycle.

Sponsored



Sponsored

Bob Loukas stated that he would not be surprised to see a move towards $9000 from here and has outlined a possible price movement.

Let’s take a closer look at this movement and decide if a breakout is likely.

Bitcoin Bollinger Bands

Bollinger bands measure the price volatility of an asset over time. It usually graphs two standard deviations above and below the price.

Therefore, once the price moves outside the scope of the bands, a reversal often occurs. The current Bitcoin price level is slightly below the lower band. Additionally, it is at the previous resistance line, possibly validating it as support.

Judging by this indicator, a reversal looks likely.

Possible Breakout

Looking closer at the price movement, the price is trading inside a descending wedge.

It is currently at the support line of the wedge and the 0.618 fib level. A breakdown from here could trigger a rapid price increase.

The price created a shooting star and followed it with a bearish engulfing candlestick. This is a bearish development. However, this was done in a very low volume.

If the price does not break down within the next few hours, we would likely see a reversal and a breakout from the wedge.

If that were to happen, it is likely that the price would reach highs above $9000.


Disclaimer: This article is not trading advice and should not be construed as such. Always consult a trained financial professional before investing in cryptocurrencies, as the market is particularly volatile.


Did you know you can trade sign-up to trade Bitcoin and many leading altcoins with a multiplier of up to 100x on a safe and secure exchange with the lowest fees — with only an email address? Well, now you do! Click here to get started on StormGain!

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.
Sponsored
Share Article

Related topics

Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona graduate school of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst.

Follow Author

$200 reward waiting for you — Deposit, Trade, Follow and Claim today!

Discover

Limited offer! Learn to mine and trade crypto today for free

Go