I'm very much bull on bitcoin right now - not only from a technical standpoint, but also the fundamental standpoint.
Strictly from the technical standpoint bitcoin is crossing above the 9 day MA and she's been hugging the 50 day MA pretty well (squiggly pink line) - The straight blue line is the long term uptrend I've been tracking since last year, so I feel it's fairly safe to put my stop under there. The 200 day MA is still below that (red line) but I don't feel we're going to see that.
The RSI is turning up above the 60 level - the MACD just made a cross up into the positive territory as well. And the stochastic (the funky red and Green lines under the RSI) are saying we should be due for some more upward motion.
Chart here:
Now, fundamentally, there's lots of things going on in the background that could push bitcoin higher - Ant is looking to buy MoneyGram - if that goes through I'd expect bitcoin to make quite a jump. Even if it doesn't happen, there's so much investment in the blockchain I don't expect any sudden sharp sell offs any time soon.
Strictly from the technical standpoint bitcoin is crossing above the 9 day MA and she's been hugging the 50 day MA pretty well (squiggly pink line) - The straight blue line is the long term uptrend I've been tracking since last year, so I feel it's fairly safe to put my stop under there. The 200 day MA is still below that (red line) but I don't feel we're going to see that.
The RSI is turning up above the 60 level - the MACD just made a cross up into the positive territory as well. And the stochastic (the funky red and Green lines under the RSI) are saying we should be due for some more upward motion.
Chart here:
Now, fundamentally, there's lots of things going on in the background that could push bitcoin higher - Ant is looking to buy MoneyGram - if that goes through I'd expect bitcoin to make quite a jump. Even if it doesn't happen, there's so much investment in the blockchain I don't expect any sudden sharp sell offs any time soon.
"Freedom Is a State of Mind"
