Can you feel the love tonight (in bitcoin at least)
While the love affairs in the currency pairs swings from loving the dollar to hating the dollar (it is a little bit of love the one your with), love is in the air in bitcoin market.
The price is up $767 on the Coinbase exchange and in the process, the technicals are showing that the endless love in the cryptocurrency may not be over. No matter the venomous arrows from regulation and from the naysayers, the power of love lives. Bitcoin... you are so beautiful to me.
Ok enough of references to the silly love songs on this Valentines Day.
The fact is there has been some a bullish bias in the digital currency. Technically, here are some positive developments.
- The price moved - and did a good job of staying - above its 100 hour MA (blue line in the chart above currently at $8552) over the last few days of trading,
- The price moved above a downward sloping trend line at at $8820
- The price moved back above the swing low from January 2018 at $9005
All that does show some love for the digital currency, while the other markets swing wildly. Who would have thought, that bitcoin would be the steady instrument?
I would keep an eye on the $9000 level for close support now. The $9500 swing high from Feb 3 and the 38.2% of the move down from the January/2018 high at $10,200 are the next targets.
Bitcoin... I will always love you (at least as long as the technicals say I should).
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Long live cryptocurrencies? Five insights from the ASAC Fund.
