Bitcoin initially fell during Friday’s trading session, but then turned around a little hammer. At this point, the hammer is a strong signal, but at this point another thing you should pay attention to is the fact that we ended up forming a hammer during the previous session as well. With all that said, we are likely to continue climbing due to these two bullish candlesticks. Beyond that, there are many reasons to think that buyers will also intervene here.

Not only do we have those hammers, but we also have the 50-day EMA that cuts through those hammers, so this is an extraordinarily strong sign. The $ 10,000 level is also in that area, so there are at least four reasons to think that we are going to go up. Once again, we have the 50-day EMA, the trend line, the $ 10,000 level and, of course, the hammers. All this together is an excellent sign because to be realistic, a break would require a sudden change in attitude and a complete capitulation of the buying pressure.

On the positive side, I think we are going to look at the level of $ 12,000, as it is an area that has attracted a lot of resistance in the past. When you look at the graph you can see that the markets continue to react at every $ 2000, so that is something to pay attention to. At this point, I believe that a move towards the $ 12,000 level makes a lot of sense since we are more than likely to make another attempt to reach that level. If we can exceed the level of $ 12,000, the market is likely to reach the level of $ 13,000, followed by a level of $ 14,000.

If we broke below the hammer in Thursday’s session, this would be a major breakdown, since we will not only have broken the hammer from the minimum, but we have also done so since Friday’s session. Every time you see a pair of broken hammers it is catastrophic. This seems very unlikely, so I am a Bitcoin buyer, since money keeps running away from fiat currencies around the world and central banks relax everywhere.

BTC / USD Forecast