Bitcoin has pushed up to the $13.5K price range now and held this position for the past 3 days. Currently sitting at $13,548 USD. The push up past $12,000 USD was a major move and with that move now complete the vast majority of BTC holders are profitable.
The volume levels are increasing and breaking out of a declining trend we've had over the past 2 months. With volume increasing and prices moving up we can assume that Bitcoin is making believers out of deniers.
No doubt there will be selling. We will see some pullback here and there as some weak hands decide to move out of BTC. However with attitudes trending up, news from companies investing and adopting (PayPal), and global economies struggling there will continue to be buy pressure pushing Bitcoin up. We could be watching the beginning of the next parabolic bull run!
On the charts we see the price sitting comfortably in the upper band. A few days broke out of the upper band and we looked overbought but we appear to be stabilizing now.
The moving average gap between the 10 and 50 day MAs is growing. The 10 day MA is moving up as is the 50 day MA. As long as this gap maintains or grows things look like more upward movement is imminent.
Lastly, as mentioned earlier the volume has begun to pick up again! This can be seen as good as it indicates more activity.
The milestones continue to be met, with little mention in the mainstream news. We hope you are hodling strong and enjoying a profitable position! Get ready for more moves up!
Keep watching the charts! 馃搱
Please note : this is opinion and should not be taken as financial advice.
