Planned "SEGWIT2X" upgrade has been suspended
Well there is more bitcoin-speak that is sending the cryptocurrency screaming higher.
This one is that SEGWIT2X upgrade has been suspended (and I thought a suspension might be bearish ; )).
You can read all about SEGWIT2X HERE (with links). Honestly, it is beyond my pay scale as to what anything in the article says. If you can make heads or tails regarding it, post in the comments.
Having said that, the only thing I do know about bitcoin is traders NEED to listen to the technicals.
Yesterday, the price fell below the 100 hour MA (blue line in the chart above) which is bearish, but could not get to the next targets being the earlier swing lows (See green numbered circles - That is not all that bearish).
Today, the price moved back above the 100 hour MA, and that was the light switch that once again turned sellers back to buyers (bullish). You need to listen to the technicals if you are to trade the cryptocurrency.
The rest of the move was triggered by the SEGWIT2X story (or so they say).
What now technically?
Technically, the cryptocurrency did stop right at a topside trend line on the daily chart at $7881. That trend line has stalled some of the momentum and now becomes a hurdle to get to and through. Get above -and stay above - and another trend line cuts across at the $8050 level.
Risk now?
The November 5 high stalled at $7592.22. That is close risk now. Stay above and the bulls are still in firm control. A move below could lead to more back filling after the sharp move higher with $7500 a level to eye.
