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Bitcoin Could Be Squeezing Toward a Breakout
Believe it or not, Bitcoin has barely moved in 11+ weeks. However, prices may be getting ready to move again.
The first pattern on the chart is the tight ascending triangle with its top around $59,000. Are traders be watching for a breakout through the psychologically important $60,000 level?
Next, consider the failed breakdown in late April. BTCUSD attempted to crash through $50,000. Buyers quickly defended that level, resulting in a higher low versus its trough in late February.
Prices also bounced the 100-day simple moving average (SMA) -- its first test of that line since early October. They’ve now clawed back above the 50-day SMA. The 8- and 21-day exponential moving averages (EMAs) are additionally moving above the 50-day SMA. That’s a sign of intermediate momentum getting more bullish.
Finally, MACD has turned positive in May after falling most of the previous two months.
TradeStation is a pioneer in the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
The first pattern on the chart is the tight ascending triangle with its top around $59,000. Are traders be watching for a breakout through the psychologically important $60,000 level?
Next, consider the failed breakdown in late April. BTCUSD attempted to crash through $50,000. Buyers quickly defended that level, resulting in a higher low versus its trough in late February.
Prices also bounced the 100-day simple moving average (SMA) -- its first test of that line since early October. They’ve now clawed back above the 50-day SMA. The 8- and 21-day exponential moving averages (EMAs) are additionally moving above the 50-day SMA. That’s a sign of intermediate momentum getting more bullish.
Finally, MACD has turned positive in May after falling most of the previous two months.
TradeStation is a pioneer in the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
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