Bitcoin Second Rally?
If we take our minds back to May this year, we will recall the fall that Bitcoin
and most of the cryptocurrency market endured.
There was a lot of panic selling and buyers were scrambling to get into Bitcoin
at a cheaper price as it had fallen from over $64,000 to just under $29,000.
Price hovered around $29,000 from May to July until the buyers could build up
enough momentum to push price up.
At the support level, we can see that the 50 simple moving average helped to
hold price up and gave price that final push upwards.
Above price we have the $50,000 round number, which may act as a psychological
level of resistance. Price has now tagged this level. If it breaks above this level
and completely clears it, we then want to see price move towards the all-time
high at $64,895.
The rally in Bitcoin may not be over just yet but let’s see how price reacts to
levels of resistance in the way.
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
and most of the cryptocurrency market endured.
There was a lot of panic selling and buyers were scrambling to get into Bitcoin
at a cheaper price as it had fallen from over $64,000 to just under $29,000.
Price hovered around $29,000 from May to July until the buyers could build up
enough momentum to push price up.
At the support level, we can see that the 50 simple moving average helped to
hold price up and gave price that final push upwards.
Above price we have the $50,000 round number, which may act as a psychological
level of resistance. Price has now tagged this level. If it breaks above this level
and completely clears it, we then want to see price move towards the all-time
high at $64,895.
The rally in Bitcoin may not be over just yet but let’s see how price reacts to
levels of resistance in the way.
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
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