Bitcoin: Carry the support and keep moving on

BTC continues to take a long term support.
May retrace a bit more from here and then a bounce.

Manoj B Rawal Independent Analyst

Bitcoin, the largest cryptocurrency by market capitalisation, has found itself in a sweet spot as the bulls continue to cling on to a long term support that has been lending its hand of support to the bulls ever since BTC started rallying at the end of March.

BTC/USD is down three cents of a percent at $5,304 and trading in less than one percent range for the light volume weekend Sunday trading. On the 240-minute chart of the poster boy of cryptocurrencies, it has been hanging on to a descending trendline support since March end.

At the same time, as mentioned couple of times in the past, BTC is staring at an imminent bulls technical pattern golden cross, that should also give some more strength to the already charged up bulls.

BTC/USD 240-minute chart:

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Author

Manoj B Rawal

Independent Analyst

Manoj B Rawal, financial markets professional with about 11 years of experience in writing, editing and advising on stocks, currencies and fixed income.

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