Bitcoin continues its bullish trend, approaching the most recent high of 10,500.
Recently its value had been questioned due to a movement of old bitcoins, however, personally I cannot understand how a movement of bitcoins from one portfolio to another, whatever its age, can have any effect on its value.
However, the effect the news caused did have an effect on its volatility temporarily, although it seems to be a thing of the past.
The price recently broke the bullish trend line momentarily, but recovered, and in fact formed a bullish double bottom pattern on this break.
If the price do not fall, this false break could indicate a particularly noticeable strength in bitcoin, since the effect of the break sales would not have been sufficient to start a snowball effect on the price, given the strength of the buyers.
The analysis therefore concludes with a bullish bias towards 10500 and beyond.
Recently its value had been questioned due to a movement of old bitcoins, however, personally I cannot understand how a movement of bitcoins from one portfolio to another, whatever its age, can have any effect on its value.
However, the effect the news caused did have an effect on its volatility temporarily, although it seems to be a thing of the past.
The price recently broke the bullish trend line momentarily, but recovered, and in fact formed a bullish double bottom pattern on this break.
If the price do not fall, this false break could indicate a particularly noticeable strength in bitcoin, since the effect of the break sales would not have been sufficient to start a snowball effect on the price, given the strength of the buyers.
The analysis therefore concludes with a bullish bias towards 10500 and beyond.