What's next for Bitcoin?
#BTC/USD Technical Analysis
The BTC/USD surpassed the 50-day Simple Moving Average which was at around $6,600, a perfect confluence with a former resistance level. It capped the digital coin earlier in the month. The Relative Strength Index (RSI) turned positive and only Momentum is slightly negative.
Price just hit U$6,800, as we predicted for subscribers, obtaining 4% profit.
Further above, $6,850 provides another support to allow the $7,000 range, that could be next. The early September peak of $7,400 could be next, if market decides to go up.
Below the first cushion at $6,500, the next level of support is only $6,200 which was a stubborn floor back in August. It is closely followed by the swing low of $6,100 seen earlier in the week and then by the round number of $6,000 which held the pair in early August. $5,800 is next.
The Forecast Poll of experts shows a bearish bias in the short term, a neutral one later on, and a bullish one in the long term. Forecasts for the short and medium term have remained stable while long-term forecasts enjoyed an upgrade.
Altcoins had an even better week, with Ripple rallying quite hard. The moves may be described as a "risk-on" sentiment, whereas investors are more interested in riskier assets than in safer ones.
During the week, the BTC/USD suffered a flash crash to $6,100, blamed on a hack to a Japanese crypto-exchange. The news became public long days after the event and raised suspicion.
The SEC delayed yet another ETF request that was due by September 21st. That did not stop blockchain-based coins to rally. Nevertheless, they could get another boost if mainstream funds enter the crypto-sphere via the mainstream instrument.
To understand more about ETF's check out our website. (below the article)
The upcoming week will likely see more excitement. As Ripple may consolidate its gains and even suffer a sharp correction, Bitcoin could extend its gradual increases. Any news on technological developments will likely support the BTC/USD while regulatory setbacks or hacks may bring it down.
Currently we see price standing on a big support as shown on the chart.
We will keep monitoring the many different aspects of this difficult market.
Good Luck and Good Profit
Trade closed: target reached:
At the strong Resistance, price dropped, and at the big support price jumped.
Thank for trusting and following.
Thank for trusting and following.