Naeem Aslam
Zaye Capital Markets
Bitcoin price has finally broken an important psychological price level of 52K, and this means that traders are likely to feel more comfortable in placing bullish bets. For the last number of weeks, it was the 50K resistance which was very much keeping the Bitcoin price in check, and the crypto king was really struggling to move higher.
However, it seems that traders are now ready to push the price higher, and in the coming days we could easily see the price reaching the 55K price mark. Having said that, the important resistance level for the Bitcoin is the 60K, and if the price breaks this price point, we are likely to see some serious momentum coming into the market which may help the Bitcoin to post new record highs.
In terms of the price action, the 50-day SMA has crossed above the 100-day SMA and the cross over happened during the past few days. This is the first bullish sign for the Bitcoin price. Traders are now waiting for the 50-day SMA to cross above the 200-day SMA and when that takes place, it will be a further reconfirmation of bulls taking the control of the price.
The information is purely for education purposes only and cannot be perceived as an advise.
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