Bitcoin Price Key Highlights
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Bitcoin price has skyrocketed to new all-time highs and may be within striking distance of the $10,000 mark.
Technical Indicators Signals
The 100 SMA is above the longer-term 200 SMA to indicate that the path of least resistance is to the upside. The short-term moving average also lines up with the ascending trend line, adding to its strength as a floor around $8400.
Stochastic has been indicating overbought conditions for quite some time, and so has RSI. This means that buyers are already feeling exhausted from the climb and might be looking to book profits soon.
However, bitcoin price action at the start of this week suggests that more investors are rushing to reopen their positions after paring risk ahead of the Thanksgiving holidays.
Market Factors
Dollar weakness has carried on for the past few days as traders continued to adjust positions to account for the downbeat inflation outlook shared by Yellen and most FOMC policymakers.
Read more http://www.newsbtc.com/2017/11/27/bitcoin-price-technical-analysis-11-27-2017-thanksgiving-rally-puts-10000-sight/
- Bitcoin price surged to new record highs once more, closing in on the $10,000 major psychological level.
- Price could be due for a pullback, however, as oscillators are reflecting overbought conditions.
- If so, bitcoin price could draw support from the ascending trend line connecting the lows since the middle of this month.
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Bitcoin price has skyrocketed to new all-time highs and may be within striking distance of the $10,000 mark.
Technical Indicators Signals
The 100 SMA is above the longer-term 200 SMA to indicate that the path of least resistance is to the upside. The short-term moving average also lines up with the ascending trend line, adding to its strength as a floor around $8400.
Stochastic has been indicating overbought conditions for quite some time, and so has RSI. This means that buyers are already feeling exhausted from the climb and might be looking to book profits soon.
However, bitcoin price action at the start of this week suggests that more investors are rushing to reopen their positions after paring risk ahead of the Thanksgiving holidays.
Market Factors
Dollar weakness has carried on for the past few days as traders continued to adjust positions to account for the downbeat inflation outlook shared by Yellen and most FOMC policymakers.
Read more http://www.newsbtc.com/2017/11/27/bitcoin-price-technical-analysis-11-27-2017-thanksgiving-rally-puts-10000-sight/
This is the prediction I initially relied on. But you see, it will not be a one-way traffic. There will always be back offs along the line before it peaks to $10,000. And I am telling you, the latter value is very much possible. The market has been flanked with the fluctuations of Bitcoin's price for the past month. It has been down to $6,000+, and now it is pegged at $9,000+. There is no more turning back. Best to downpour your investments and see how Bitcoin can change one's life!
