It has been more than a month from the last Bitcoin update. Great thing about it is that right now we’re in a far better position than we used to be. I’m not writing this update from $ 4000 per BTC. The market went through an emotional roller coaster. Fear, desperation and panic reached its peak when the market hit the total market capitalization bottom at $244 Billion on April 1st. Around that time the bottom started to form in a slight uptrend manner (hope).
The big turnaround happened on April 12th when the price of Bitcoin shot up $ 1200 in an hour (relief). Almost half of the bitcoin shorts were closed or liquidated on Bitfinex and the same probably happened on other exchanges too. The market has been in a steep uptrend eversince. The bitcoin stability, growth and the position in which altcoins were caused a new altcoin season. Bitcoin gained 45% and so did the majority of altcoins. The best ones managed to deliver up to 300% gains among my best were $MCO and $DNT.
With bitcoin’s latest move we managed to rise above the Ichimoku cloud and cross the 23% Fibonacci retracement from the last bear run. I’m quite relieved that it happened. The total market cap itself crossed the $ 400 Billion barrier and has now additional 25 Billion more.
This two week bull run hasn’t seen a bigger correction yet. I expect it to happen before bitcoin will reach $ 11.000. The first resistance is at around $ 9800 and the mayor resistance lies higher at around $ 11.200. There’s a very good chance bitcoin will break the $ 9800 resistance area. I advise you to be very cautious around the $ 10.000 and don’t wait for the last moment to take your profits. I expect a correction in a range from 38 – 50 % Fibonacci. Remember, the real fun starts once bitcoin breaks above the $ 11.600 area (optimism).