Bulls Making an Argument for Strength - Bears Sitting in Profit May Sell Soon! by campfire

bitcoin · @campfire · Jul 29 '20

$0.05

Bulls Making an Argument for Strength - Bears Sitting in Profit May Sell Soon!

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![Screen Shot 2020-07-29 at 1.36.14 PM.png](https://cdn.steemitimages.com/DQmdU86Ne1wSRifRJtEbr2EWFb979ajXGSJQmxpKdSEazsx/Screen%20Shot%202020-07-29%20at%201.36.14%20PM.png)
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The bears peaked out of their caves yesterday to see what all the commotion was about with Bitcoin. They successfully slowed it's previous day gains and left us with what looked like a reversal candle.

Today however has been nothing but a continued push by the bulls. 

Bitcoin is currently up at $11237.19 (nearly $300.00 USD up from yesterday). It would appear that the $10,000.00 ceiling has been broken at least temporarily. The gap on the 10 day and 50 day Moving Average continues to grow...

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![Screen Shot 2020-07-29 at 1.10.48 PM.png](https://cdn.steemitimages.com/DQmRwEqysx5BvSLbZU6h9fsM8hAUAiHxXxLqJy92jpYKdPG/Screen%20Shot%202020-07-29%20at%201.10.48%20PM.png)
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Let's hope the bulls can keep up the strong push. We'd like to see Bitcoin sit above $10K for more than a week or two to instill some more confidence. The trouble may come at $12,000.00.

It was reported today that around 93% of all bitcoin address balances are estimated to be in profit at todays current price, according to Glassnode... this means that we could see some bears come out to sell soon to realize their gains.

Time will tell!

<strong>Keep watching the charts!</strong> 📈

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<em>Please note : this is opinion and should not be taken as financial advice.</em>

👍 beemengine, voxmortis, team, aro.steem, nassifelias, khalil319, saleg25, pedrobrito2004, freakerz, ynah.artchi, ariefm, sweet127359
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