The price
of Bitcoin has been supported lately by the growing acceptance of the
cryptocurrency by the large financial institutions. On the daily chart of
Bitcoin we can see that the price started to rise from the 5769 level and
breaks above the 6898 level along with the 55 day EMA (purple line). The bullish
momentum takes the price of Bitcoin to the 200 day EMA, which is currently just
below the 8000 level. The 200 day EMA tried to act as a resistance, but the
price continued higher to break above the 8000 level and reaching a high around
the 8472 level to pull back to the 8000 level. If the price of Bitcoin bounces
to the upside from the 8000 level, then a breakout and pullback pattern may
develop and Bitcoin may try to reach the 9000 level. To the downside, below the
200 day EMA, its next support level could be the 55 day EMA and the 6898 level.
Well spotted! I'll keep it in mind.
ReplyDeleteGood take on markets, really insightful.
ReplyDeleteThank you for pointing that out.
ReplyDeleteGreat post as always.
ReplyDeleteGood analysis, very helpful.
ReplyDeleteThanks for such an informative analysis.
ReplyDeleteI will check it out.
ReplyDeleteThat's good to know, thanks.
ReplyDelete