At the time of writing, Bitcoin (BTC) is trading above $7,100 after a massive push during the weekend.
BTC is trading above its 50-day, 100-day, and 200-day EMAs after a massive spike in price. On May 11, Bitcoin went through the roof on almost all exchanges. I’m hopeful the trend will continue for the time being, but there may well be a pullback on the horizon.
Let’s take a look at what’s going on with the Bitcoin markets this Monday.
Bitcoin’s rally went parabolic this weekend, boosted by the further escalation in the US-China trade war. But I believe the counter-trend move is very likely over. While a retest of the highs is possible, I still don’t expect a durable breakout in BTC, and a pullback below the structurally important $5,850 level could be ahead in the coming days.
I therefore don’t advise traders to enter even small positions in light of the recent price action. Support levels above the crucial long-term zone are now found near $6,250 and $6,500, while below the $5,850 level, further strong support is found near $5,400. Volumes show this outcome has the greatest likelihood, even though I personally would like the price of Bitcoin to continue shooting to the moon.
Let’s not forget that I consider Bitcoin to be in a bull run when the 20-day EMA is above the 50-day EMA and the latter is above the 200-day EMA. Only then will I truly believe buyers are totally in control and enough new cash has definitely poured into the market.
Current live Bitcoin pricing information and interactive charts are available on our site 24 hours a day. The ticker bar at the bottom of every page on our site has the latest Bitcoin price. Pricing is also available in a range of different currency equivalents:
US Dollar – BTCtoUSD
British Pound Sterling – BTCtoGBP
Japanese Yen – BTCtoJPY
Euro – BTCtoEUR
Australian Dollar – BTCtoAUD
Russian Rouble – BTCtoRUB
In August 2008, the domain name bitcoin.org was registered. On 31st October 2008, a paper was published called “Bitcoin: A Peer-to-Peer Electronic Cash System”. This was authored by Satoshi Nakamoto, the inventor of Bitcoin. To date, no one knows who this person, or people, are.
The paper outlined a method of using a P2P network for electronic transactions without “relying on trust”. On 3rd January 2009, the Bitcoin network came into existence. Nakamoto mined block number “0” (or the “genesis block”), which had a reward of 50 Bitcoins.
As with any investment, it pays to do some homework before you part with your money. The prices of cryptocurrencies are volatile and go up and down quickly. This page is not recommending a particular currency or whether you should invest or not.
*The views and opinions expressed by the author should not be considered financial advisement. The author is not a professional trader, nor investor.
BTC is trading above its 50-day, 100-day, and 200-day EMAs after a […]