DSIJ Mindshare

Bitcoin firmly trends northwards

The first decentralized digital currency, Bitcoin, has been trending northwards with smaller hiccups in between, since its inception. This cryptocurrency has become the talk of the town where it has been breaking all-time highs on daily basis. Bitcoin has become a speculation tool to be bought and sold on exchanges and which do not require longer confirmation time amid off-chain trades.

The world’s largest cryptocurrency by market capitalisation is witnessing a consolidation since last four trading sessions where the current BTC/USD is trailing at 8200 levels. After a V pattern breakout at 7895 levels on November 16, the currency witnessed a pullback of up to the 7420 i.e. below the neck line level, but bounced back in the next session itself surging consecutively for three sessions.

Recently, Bitcoin has created a kind of Pennant Pattern which indicates a continuation of an uptrend provided it breaches 8230 levels on closing basis. Moreover, its justifiable volumes and 14-period RSI quoting at 65 levels depicts some more momentum going forward. On monthly basis, though, the current month is the seventh month of upsurge with just a month’s breather in between witnessed during September 2017.

On breaching 8230 level, we expect Bitcoin to move up further, but some profit booking may be seen on higher levels. One can watch out for it and also other similar investment tools like Ethereum in coming days.

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