Bitcoin Looking To Break Above Overhead Resistance

Russell Shor, CFTe, MFTA FXCM

The below is the daily chart of the bitcoin. The EMAs are in a bullish stack with the green 5-day EMA above the orange 13-day EMA, and the orange 13-day EMA above the black 34-day EMA. The RSI(9) is above 50 and indicative of a bullish momentum (blue rectangle). Moreover, the EMAs have good angle and separation indicating that the underlying momentum is strong. The cryptocurrency is attempting to break above overhead resistance around the $5,450 level (red shaded horizontal). If successful, it will be regarded as a bullish development.

Author

Russell Shor, CFTe, MFTA

FXCM

Russell Shor (MSTA, CFTe, MFTA) has an Honours Degree in Economics from the University of South Africa and holds the coveted Certified Financial Technician and Master of Financial Technical Analysis qualifications from the Interna

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