Bitcoin’s
price line remains above its dominant immediate-term uptrend. The immediate-term trend is defined by the
15-day simple moving average (MA), with the trend considered up as long as
Bitcoin’s price line remains above the rising 15-day MA.
A
decisive close under the 15-day MA would temporarily break Bitcoin’s
immediate-term (1-3 week) forward momentum and put temporary pressure on the
virtual currency. This is why it’s important
that we monitor the area around 900 where the 15-day MA intersects in the daily
chart shown below.
As
long as Bitcoin stays above this trend line next week, participants (read hedge
fund speculators) are likely to soon make another attempt at pushing Bitcoin
back up to the previous high from early December 2013.
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