The Bitcoin Price Is Booming, But Here’s Why You Shouldn’t Get Too Excited [Yet]
The bitcoin price on Friday posted one of its most robust bullish sessions in weeks as it rose as much as 10.5 percent in just twelve hours.
Robert J. Jackson Jr., a commissioner at the US Securities and Exchange Commission, said in an interview that the regulatory agency would eventually approve a bitcoin ETF. The news, it seems, helped bitcoin revive its bullish sentiment.
As CCN reported, the bitcoin price did break above the wedge resistance and overperformed its upside momentum by jumping above its 4H 200-period moving average.
Bitcoin first needs to establish a support area to ensure that what we witnessed was not a false breakout.
It is essential to see how the previous falling wedge formation worked out for bitcoin.
Unless bitcoin breaks above $4,235 – or even $4,116 – then, according to our theory, it would remain inside a false breakout area, which is hardly bullish.
A Fibonacci retracement chart drawn from swing high at $4,235 to low at $3,340 provides us with levels where bitcoin could attempt a pullback.
Yashu Gola’s original article for ccn.com reduced by 64%
Related news – Bitcoin Pops Above $3,700 As Crypto Market Flashes Green
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CN [too long; didn’t read]
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