Crypto back on the radar
Bitcoin
Cryptocurrency is back on our radar. There was a sharp increase across the board for major cryptocurrencies especially the heavyweight Bitcoin. On the Chicago Mercantile Exchange Bitcoin traded more than 10k contracts in one day. The volume is about 20 times the average for 2019. There is definitely a big fish in this market and he is set on buying. This rally led bitcoin to breakout of the slump it has been in since December 2018. Price jumped clear out and broke through the resistance level of $4400.
The price action seems to continue higher with no indication of a correction just yet. The chart below shows Bitcoin to stay above the 200EMA which is a bullish signal. Keep in mind that we are also in overbought territory, but even after the indicator dipped down below the overbought line, price continued to rise. Yet another buy signal.
Horizontal resistance levels are located at $5056 and $5441 the first of which has already been tested more than once. We will likely trade around $6000 in the very near future.
Cryptocurrency is back on our radar. There was a sharp increase across the board for major cryptocurrencies especially the heavyweight Bitcoin. On the Chicago Mercantile Exchange Bitcoin traded more than 10k contracts in one day. The volume is about 20 times the average for 2019. There is definitely a big fish in this market and he is set on buying. This rally led bitcoin to breakout of the slump it has been in since December 2018. Price jumped clear out and broke through the resistance level of $4400.
The price action seems to continue higher with no indication of a correction just yet. The chart below shows Bitcoin to stay above the 200EMA which is a bullish signal. Keep in mind that we are also in overbought territory, but even after the indicator dipped down below the overbought line, price continued to rise. Yet another buy signal.
Horizontal resistance levels are located at $5056 and $5441 the first of which has already been tested more than once. We will likely trade around $6000 in the very near future.
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