Cryptocurrency

Bitcoin exchange rate reached $8.450 – But be careful, the rally in the air?

While the bullish Momentum stopped for a short break, and continued the Bitcoin yesterday its upward trend and by the most important Resistors broke off, as if they were like Butter. The crypto-currency pumped up to $ 8.450. This is now the fourth positive rise of Bitcoin in a row. Many suspect the development of the US-Iran conflict as a reason for this, since Gold and Oil are also rising. This would mean that the popular Cryptocurrency is already perceived Today as a Safe-Haven investment.
During the recent movement on the $8.400-brand, have been led many traders to a bullish stance, because now most of the claim that the macro has brought economic downward trend, the Bitcoin from $14,000 to $7,000, and now is over, because Bitcoin channel has the down by chunks. Nevertheless, there are allegedly still together declining technical signals that indicate that the bears could soon take control of the market.

Bitcoin is ready to climb higher?

In the past week, the BTC has put on a price by 16 percent, so an amazing Start to the new decade marked. Nevertheless, analysts are watching the current developments very closely and try not to be too optimistic.
Josh Olszewicz from Brave New Coin noticed that Bitcoin is currently trying to overcome the yearly Pivot Level, the exponential 200-day average and the daily Ichimoku cloud. This was confirmed by other analysts, suggesting that Bitcoin has trouble in the Downward trend line to break, the movement of the prices, limiting the upside for the last seven months.
The fact that Bitcoin is the main resistors is approaching, is underscored by technological Trends. In the course of the movement on the $8.400-brand a crypto-Analyst, published the chart below, which shows that three indicators suggest that the Bitcoin bulls gradually, the air could go out.

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More precisely, the Relative Strength Index, the Stochastic Oscillator and the Stochastic RSI all indicators for tracking the orientation of an asset – now print higher values than after the pumping phase of Bitcoin at $10.600 at the end of October 2019. What followed on the top of that Pump was a dramatic decline. However, the Chart of Bitcoin has printed four bullish candles in a row, a Trend that was observed in the last few months, rarely.

A decline in the Formation could be considered by the Iran-US conflict as irrelevant

During the arguments several for a short-term downward trend, could help a single fundamental factor is the fact: The U.S. decision to kill the Iranian General Qassem Soleimani seems to be a catalyst for the recent rally of the three assets, Oil, Gold, and Bitcoin have been.
The price of gold has risen since Soleimanis death by 6 per cent against the US Dollar, while Bitcoin rose in the same period by 23 percent. Both assets have accounted for a large part of their profits, as the developments concerning the conflict appeared in the news. It should come, therefore, to further developments, it is very likely that Bitcoin could avoid the above-mentioned decline in the factors and continue to rise, because from the looks of it Bitcoin is the digital Gold is seen as a Safe-Haven Investment.

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About the author

Eve Manning

Eve Manning

A native Texan, Eve first started out as a Finance Analyst and later realized that her true passion was not in trading but in writing. She leverages her experience in the Finance industry to analyse and write in-depth news articles covering the Cryptocurrencies, Economy & Finance industries.

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