The rise from the lows has pushed Bitcoin to the most overbought levels since the bull run, according to Bloomberg Intelligence analyst Mike McGlone.
The 50-week SMA is also located just below this level.
Our bullish view will be invalidated if the cryptocurrency turns down from the current levels and slips below $4,255.
Such a move will dent sentiment and indicate that the bears are still shorting at higher levels.
Charles Hoskinson, the co-founder of Ethereum and IOHK, also lashed out this week at EOS and Ethereum for their approach to development.
Contrary to our assumption, if the digital currency turns down from the current levels and plummets below the $4.4930-$3.8723 support zone, it will indicate weakness.
The 20-week EMA has flattened out and the RSI is close to the 50 level.
If the digital currency reverses direction from the 20-week EMA and sustains above $167.32, it will indicate demand at lower levels.
We had expected the price to reach $9.50 levels after breaking out of the resistance, but the pair turned around from $8.084.Currently, the digital currency is retesting the breakout levels of $5.889.
If the bears sink the digital currency below this level, it can drop to $0.032.On the other hand, if the price rebounds from the current levels, it can again retest the highs.
Top 5 Crypto Performers Overview: BTC, EOS, METAHASH, ETH, TRX, ETC
Publié le Apr 14, 2019
by Cointele | Publié le Coinage
Coinage
Mentionné dans cet article
Nouvelles récentes
Voir tout
Blockchain Bites: Bitcoin's Run, Uniswap's Hemorrhaging Value, Anchorage's Banking Bid
Bitcoin is nearing all-time highs in price and market cap last set three years ago.
Japan's megabanks to lead experiment with digital yen
We have, in order, Cheese Bank with a $3.3 million theft, Akropolis with its $2 million loss, Value DeFi with a whopping $6 million exploit and finally Origin Protocol's loss of $7 million.
Number of new Bitcoin addresses spikes amid growing FOMO
Japan's three largest banks, as part of a group of 30 private sector actors, are set to collaborate on an experiment with a digital yen.
Not just Wall Street: Quant trader explains why Bitcoin price is going up
Sam Trabucco, a quantitative trader at Alameda Research, believes four general factors are pushing up the price of Bitcoin.