Bitcoin Explodes Through Key Technical Resistance, Hits 7-Week High

Bitcoin has suddenly exploded over 10% higher, smashing through its 50-day moving average, above $7000 for the first time since early June...

BTC is now testing up towards its 100DMA, ramping over $600 in 30 minutes...

And breaking its longer-term downtrend too...

This is already the biggest volume day for Bitcoin since June.

The rest of the crypto space has gone along for the ride...

No immediate news catalyst jumps out though we note that gold was tumbling earlier, and tech stocks have been melting up all day - as well as the slow burn realization that if the world's largest asset manager puts even a fraction of a percent to work in crypto, things will get intense fast.

We note that the surge started around 1335ET, and it appears some major shorts liquidated at the same time...

Comments

Free This Cryptopithicus Homme Tue, 07/17/2018 - 14:17 Permalink

Bitcoin? You say...bwahahahahahha

It is the globalists wet dream of total control of the world. You will never escape the all seeing eye once fiat is banned.

Fiat is bad enough, but transactions can be private, not so with bytemecoin!

Invest at your peril, give the all seeing eye, their final nail in our coffin, go ahead.

In reply to by Cryptopithicus Homme

lookslikecraptome Cryptopithicus Homme Tue, 07/17/2018 - 17:29 Permalink

you people just do not get how viable indices work. When you have a spike on three minute charts on any other index the run up continues for at least 15 minutes or more and usually the volume increases. in the crypto world u get three bars straight up. and then sideways for days and hours. AND THE VOLUME DECREASES until another BOT TRADE,or whale trade. It can spike all the way to 10000,you still do not have a viable index with this kind of action.

These three minute bar chart spikes are bot trades.

EDIT. I actually agree with you for the first time homo!!!!! a thin easily manipulated market.

In reply to by Cryptopithicus Homme

Exponere Mendaces Adolfsteinbergovitch Tue, 07/17/2018 - 23:34 Permalink

There's still a bunch of Elliot Wave faggots that think BTC will go down to 2 - 3k.

The reason? They're all stuck on the 2014 chart. Every motherfucker that learned technical analysis in the last year is mumbling about "fractals" and how 2014 is the roadmap.

It isn't you chucklefucks.

Of course I could go into detail about how a perceived match doesn't mean shit in a objective, quantitative sense - we're geared to see patterns even if the tenuous relationship to them is strained at best. Its the same reason pattern matching for common TA chart formations is still a bitch to objectively quantify.

The market doesn't repeat shit exactly, twice in a row over multiple bars. Unless you're trading one of those HFT shitbox markets where all the order matching happens in front of retail flow. lol

Seriously, Bitcoin is just getting started. Busting through the 50, and now 100 DMA is not insignificant considering the prior tumble. Out from under the descending trendline from the all-time highs.

Strap in, BITCHEZ.

 

In reply to by Adolfsteinbergovitch

sessinpo Free This Tue, 07/17/2018 - 15:43 Permalink

Free This Cryptopithicus Homme Tue, 07/17/2018 - 14:17 Permalink

Bitcoin? You say...bwahahahahahha

It is the globalists wet dream of total control of the world. You will never escape the all seeing eye once fiat is banned.

Fiat is bad enough, but transactions can be private, not so with bytemecoin!

Invest at your peril, give the all seeing eye, their final nail in our coffin, go ahead.

----

They already had total control even before bitcoin. The fact you don't realize it shows how blind you are, not that we are blind. We full well know bitcoin is not private.

In reply to by Free This

centipede vasallo7g Tue, 07/17/2018 - 17:30 Permalink

Creators of cryptos did excellent job to get sheeple into this new ponzi scam. Much better job than governments with their fiat money. They create worthless numbers out of thin air and sell it as a superior currency, while in fact it is no better than fiat at all. The pretense that there can be only certain number of coins mined can be easily more than compensated by number of new crypto currencies created out of thin air, which can be limitless. There is already 1600 there and growing. And there will be many more with even much better properties than bitcoin soon.

When somebody creates a new crypto with one coin only, you should consider switching. It for sure will be worth bilions.:-)

In reply to by vasallo7g