Over the past few days, Bitcoin ( BTC ) broke down below the $7714.70 local low, falling to a new local low of $7293.60. In the past 24 hours or so, the price has risen from the $7400 area up to a high of $9510 in the last few minutes on increased investor sentiment after statements from Chinese President Xi Jinping, who said that China should “seize the opportunity” to adopt blockchain technology. Additionally, the Bakkt exchange volumes just reached record levels a couple of days ago, and they just announced the launch of options for their Bitcoin futures which is coming on December 9th .
As seen in the above, BTC/USD is attempting to break above the . Within the last 24 hours, price bounced nicely off the middle of the , up towards the still , and then in the past hour as I am writing this, the price just broke above the itself, which is a very positive sign for the bulls.
Today’s price action has been very encouraging and I think it is very likely we have found the bottom. The bulls need to continue to prove themselves by breaking above the , and price also needs to confirm this move by remaining sustainably above prior resistance areas which have now turned into support. I remain for the long term on BTC , especially with the block reward halving event approaching in May 2020, so I believe these levels are still favorable for accumulating cheap BTC for the long term.
Stay ahead of the masses,
Founder, Crypto Wealth Coach
Owner, Modern Wealth Management
Founder, Crypto Wealth Coach LLC
Owner, Modern Wealth Management, LP