Introducing our first video price analysis by Bitcoin Schmitcoin.
- Bitcoin broke out of a massive consolidation pattern known as an “Adam and Eve” double bottom. The breakout was fueled by short liquidations that stacked up around the $4,000 level over the last 4–5 months.
- The measured move for the breakout has us testing several resistance levels and ultimately has a price target of around $5,300.
- We have managed to break the immediate bearish market structure and are attempting to break the macro bearish market structure. At the moment we are testing a break of the descending trendline as we also approach the monthly resistance level in the $4,800s.
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Aerospace engineer turned crypto-market analyst. Bitcoin Schmitcoin became popular within the subculture of the Reddit communities and now posts his daily thoughts and market outlook via Twitter and his regular stream on Twitch.tv.Bitcoin Schmitcoin on Twitch.tvBitcoin Schmitcoin: YouTube