Bitcoin Bull Run "BitMEX CEO as Bitcoin Prepares for a Big Week"
TECHNICAL ANALYSIS- FUNDAMENTAL ANALYSIS- NEWS- SIGNAL- FIB LEVELS- PRICE ACTION
Bitcoin (BTC/USD) extended its rampage higher early in today’s Asian session as traders continued to push the pair closer to the psychologically-important 11000 figure following its swift moves and acceleration through the 10000 and 10500 levels. The pair traded as high as the 10968.00 area during yesterday’s North American session before briefly giving back some intraday gains. Traders have lifted the pair above some historical levels of technical significance in recent days, including the 9532.39, 9772.95, 9948.12, 10260.38, and 10354.90 levels. Stops have recently been elected above the 10268.38, 10276.29, 10354.90, 10615.49, 10647.72, and 10816.43 levels. If BTC/USD is able to continue its recent upward trajectory, traders will pay close attention to upside price objectives including the 11026.97, 11115.62, 11340.92, 11399.17, 11407.81, 11510.44, and 11604.29 areas. Following BTC/USD’s move higher to the 10968.00 area, updated levels of technical support include the 10522.51, 10504.73, 10481.33, 10459.89, 10316.39, 10218.13, 10180.25, and 10145.56 areas. Traders are closely monitoring recent depreciating ranges including the move from 9792.00 to 8815.01, the move from 10018.67 to 8815.01, and the depreciation from 10428.00 to 8815.01. Important technical levels related to these depreciating ranges include the 9416.84, 9418.79, 9561.43, 9558.87, 9582.92, 9621.51, 9734.61, 9761.09, 9811.84, 10047.33, and 10082.82 areas.
A recent appreciating range that traders are monitoring is the move from 8632.93 to 10428.00, with the 9530.47 and 9742.28 areas representing the 50% and 38.2% retracements of this appreciation. Below current price activity, Stops have been absorbed below the 8877.48 area, a level that represents the 23.6% retracement of the recent appreciation from 3858 to 10428. Additional downside areas of potential technical support include the 8993.44, 8695.01, 8680.35, 8654.53, and 8603.46 levels. Traders are also paying attention to multiple trading ranges including the recent appreciation from 8106.70 to 9957.25, the appreciation from 6456.00 to 10079.00, the appreciation from 5678.20 to 10079.00, the broader appreciation from 3858.00 to 10079.00, and the appreciation from 8632.93 to 10428.00. Important technical levels related to these ranges include 9530.47, 9318.65, 9040.41, 9025.32, 8808.52, 8695.01, 8610.84, 8540.29, 8398.89, 8267.50, 7878.60, 7839.99, 7702.58, 7359.31, and others. Chartists are observing that the 50-bar MA (4-hourly) is bullishly indicating above the 200-bar MA (4-hourly) and above the 100-bar MA (4-hourly). Also, the 50-bar MA (hourly) is bullishly indicating above the 200-bar MA (hourly) and above the 100-bar MA (hourly).
Price activity is nearest the 50-bar MA (4-hourly) at 9562.40 and the 50-bar MA (Hourly) at 9981.49.
Bitcoin is bullish but needs to break through some key levels moving up. The leading digital currency could further consolidate above $10k or drop after easily taking the highs. Meanwhile, FOMC meeting, fiscal package announcement, GDP reports, and more to come this week.
For the first time in about two months, Bitcoin rose above $10,000.
People are set to capitalize on this move as bitcoin inflows into centralized exchanges start to increase “significantly.” Currently, we are seeing the largest hourly net flow spike in over three months.
After seeing gains throughout last week, the world's largest cryptocurrency ended the week above $10k. Today, it is currently trading around $10,470 on the back of the strong volume, $2.65 billion exchanged hands in the past 24 hours (real value).
Bitcoin gains have been in complete contrast with the S&P 500, which did not have a good week but is following gold, which broke into a new all-time high and continuing just to go higher and higher as the dollar falls and concerns rise about the health of the world economy as well.
As we reported, the good news came in the form of the US office Comptroller of the Currency, which said American banks can now hold bitcoin, provide custody services for customers' digital assets, which will help boost the asset class's appeal with investors.
What's to Come
Bitcoin has been hovering near its 50-day moving average for weeks before the price pulled above it in the last couple of days.
According to a report from JP Morgan Chase & Co. strategist John Normand, bitcoin has been enjoying above-average flows this year, which have been high versus their five-year average and compared to exchange-traded funds (ETF) in other assets.
However, Bitcoin needs another leg higher, at least to break through the key $10,500 level from where the path is clear for the flagship cryptocurrency to fly.
“Take out $10,380 this month or next month, and we're looking very good for some huge upside,” said trader Nebraskan Gooner. “Until then we must show caution at these levels. Every time we've gone above $10k in the last 12 months we have gone back below $9,000 after,” he said.
Bitcoin (BTC/USD) extended its rampage higher early in today’s Asian session as traders continued to push the pair closer to the psychologically-important 11000 figure following its swift moves and acceleration through the 10000 and 10500 levels. The pair traded as high as the 10968.00 area during yesterday’s North American session before briefly giving back some intraday gains. Traders have lifted the pair above some historical levels of technical significance in recent days, including the 9532.39, 9772.95, 9948.12, 10260.38, and 10354.90 levels. Stops have recently been elected above the 10268.38, 10276.29, 10354.90, 10615.49, 10647.72, and 10816.43 levels. If BTC/USD is able to continue its recent upward trajectory, traders will pay close attention to upside price objectives including the 11026.97, 11115.62, 11340.92, 11399.17, 11407.81, 11510.44, and 11604.29 areas. Following BTC/USD’s move higher to the 10968.00 area, updated levels of technical support include the 10522.51, 10504.73, 10481.33, 10459.89, 10316.39, 10218.13, 10180.25, and 10145.56 areas. Traders are closely monitoring recent depreciating ranges including the move from 9792.00 to 8815.01, the move from 10018.67 to 8815.01, and the depreciation from 10428.00 to 8815.01. Important technical levels related to these depreciating ranges include the 9416.84, 9418.79, 9561.43, 9558.87, 9582.92, 9621.51, 9734.61, 9761.09, 9811.84, 10047.33, and 10082.82 areas.
A recent appreciating range that traders are monitoring is the move from 8632.93 to 10428.00, with the 9530.47 and 9742.28 areas representing the 50% and 38.2% retracements of this appreciation. Below current price activity, Stops have been absorbed below the 8877.48 area, a level that represents the 23.6% retracement of the recent appreciation from 3858 to 10428. Additional downside areas of potential technical support include the 8993.44, 8695.01, 8680.35, 8654.53, and 8603.46 levels. Traders are also paying attention to multiple trading ranges including the recent appreciation from 8106.70 to 9957.25, the appreciation from 6456.00 to 10079.00, the appreciation from 5678.20 to 10079.00, the broader appreciation from 3858.00 to 10079.00, and the appreciation from 8632.93 to 10428.00. Important technical levels related to these ranges include 9530.47, 9318.65, 9040.41, 9025.32, 8808.52, 8695.01, 8610.84, 8540.29, 8398.89, 8267.50, 7878.60, 7839.99, 7702.58, 7359.31, and others. Chartists are observing that the 50-bar MA (4-hourly) is bullishly indicating above the 200-bar MA (4-hourly) and above the 100-bar MA (4-hourly). Also, the 50-bar MA (hourly) is bullishly indicating above the 200-bar MA (hourly) and above the 100-bar MA (hourly).
Price activity is nearest the 50-bar MA (4-hourly) at 9562.40 and the 50-bar MA (Hourly) at 9981.49.
Bitcoin is bullish but needs to break through some key levels moving up. The leading digital currency could further consolidate above $10k or drop after easily taking the highs. Meanwhile, FOMC meeting, fiscal package announcement, GDP reports, and more to come this week.
For the first time in about two months, Bitcoin rose above $10,000.
People are set to capitalize on this move as bitcoin inflows into centralized exchanges start to increase “significantly.” Currently, we are seeing the largest hourly net flow spike in over three months.
After seeing gains throughout last week, the world's largest cryptocurrency ended the week above $10k. Today, it is currently trading around $10,470 on the back of the strong volume, $2.65 billion exchanged hands in the past 24 hours (real value).
Bitcoin gains have been in complete contrast with the S&P 500, which did not have a good week but is following gold, which broke into a new all-time high and continuing just to go higher and higher as the dollar falls and concerns rise about the health of the world economy as well.
As we reported, the good news came in the form of the US office Comptroller of the Currency, which said American banks can now hold bitcoin, provide custody services for customers' digital assets, which will help boost the asset class's appeal with investors.
What's to Come
Bitcoin has been hovering near its 50-day moving average for weeks before the price pulled above it in the last couple of days.
According to a report from JP Morgan Chase & Co. strategist John Normand, bitcoin has been enjoying above-average flows this year, which have been high versus their five-year average and compared to exchange-traded funds (ETF) in other assets.
However, Bitcoin needs another leg higher, at least to break through the key $10,500 level from where the path is clear for the flagship cryptocurrency to fly.
“Take out $10,380 this month or next month, and we're looking very good for some huge upside,” said trader Nebraskan Gooner. “Until then we must show caution at these levels. Every time we've gone above $10k in the last 12 months we have gone back below $9,000 after,” he said.