Once again we are going to be doing something completely different. I am going to be analysing Bitcoin, this is something I have never looked or have ever been interested in, in fact until today have never even opened it up in a chart before.
With its meteoric gains of over 50% this year and the trend looking like its going to continue. This pair definitely has analyst scratching their heads and asking themselves WHY.
Getting to the technicals, the pair has recently broken through the 52 Week high and the 50 Day MA has been coasting above the 200 Day MA for some time now. Signaling a possible continuation of the trend.
The only indicator showing any bearish signals is that the RSI is in a overbought situation.
The next hurdle for this pair is the whole number psychological resistance level at 1,500. A break through this level could see it reaching the 1,700 – 1,800 levels which is the long term third resistance level (R3). Failure to break the 1,500 area could see the pair retracing back to the 1,300 minor support area.
For those who enjoy trading with the trend this pair is definitely something worth looking at.
*All information in this article is the author’s opinion and is for educational purposes only. It does not constitute investment advice or a solicitation to buy or sell any financial instrument. Trading may expose you to risk of loss greater than your deposits and is only suitable for experienced investors who have sufficient financial means to bear such risk.