Bitcoin - Long - Below Key Resistance
Bitcoin has continued it's strong momentum since end of July lows which saw prices fall below $30,000 largely on the back of a ban on crypto mining by the Chinese state council. This has led to international Bitcoin miners replacing Chinese miners and the hash rate has been recovering which is very encouraging as high hash rates creates greater security for the cryptocurrency. Additionally, the hash rate recovering has illustrated the difficulties of trying to ban Bitcoin which is now challenging key resistance above $50,000. We would want to see the 20 day MA at 42,000 cross the 100 day MA at 46,000 which would indicate that Bitcoin is sustaining it's upward momentum confirming the buy signal. If this were the case we see Bitcoin challenging it's all time high around $64,000 but given it's volatile nature and proneness to being impacted to external factors such regulation we would not want to see a major pullback at this stage.
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