New Resistance Could Cap Bitcoin's Upside Price Potential

in #bitcoin • 6 years ago

Bitcoin rose to a six-day high of $6,580 on Monday on Bitfinex, adding credence to indications that the cryptocurrency could be in for a relief rally.

The bullish bias has strengthened further in the last two days too, courtesy of a bullish Bollinger band breakout and a bullish crossover between the 5-day and 10-day moving average (MA). Furthermore, bitcoin refused to embrace the negative narrative on Wednesday after the $31 million hack of South Korea's Bithumb exchange, indicating that the sellers are likely running dry.

[source] https://www.coindesk.com/6800-ceiling-new-resistance-capping-bitcoins-corrective-rally/

6 years ago in #bitcoin by
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