BTCUSD Tentative Support Established

Stuart Cowell HFM

BTCUSD, H4

Bitcoin has rallied about 20% in the last 24 hours from lows of $12,760 yesterday to highs of $15,400 area today, but a twenty percent move in BTCUSD is hardly news anymore. The move comes on the back of news that tech investor (and Trump adviser) Peter Thiel has amassed a $10-15 million position, according to a Wall Street Journal report. Thiel is known for co-founding PayPal and remains a key venture capitalist in Silicon Valley. Today’s volatility appears to be establishing a short term support on the H4 time frame around $13,500 and the crossing Moving Averages and Daily Pivot at $14,400. The psychological $15,000 is key with next resistance at $15,750 and $16,200. The H4 time frame also demonstrates the wild volatility surrounding the asset as the fall from over $19,400 to $10,670 (a 45% decline) in the third week of December clearly shows. As ever, always trade with strict risk and money management rules.

Author

Stuart Cowell

HFM

With over 25 years experience working for a host of globally recognized organisations in the City of London, Stuart Cowell is a passionate advocate of keeping things simple, doing what is probable and understanding how the news, c

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