Bitcoin Starts to Bounce off MAs Too, After the Retreat Down
Bitcoin made new record highs this week, getting really close to another big round level at $65,000. Seems like the surge in the cryptocurrency market doesn’t seem to end, as they keep pushing to new highs, taking turns in leading the market higher.
Now this relatively new market has taken a life of its own, becoming a respectable one in financial markets. Coinbase was one of the latest major companies to be listed in the stock exchange, exceeding the value of Nasdaq itself by many billions of dollars.
This means that trillions of dollars are pouring into cryptocurrencies, which by the likes of it, will become the main currency/payment market, since the world is going in that direction. Although, in the last two days we have seen a pullback lower, which took BITCOIN nearly $5,000 down.
But, the 50 SMA (yellow) seems to have turned into support on the H4 chart, holding during the decline. The price has bounced around $1,000 higher now, so the pullback seems to be over already. The stochastic indicator is oversold on this time-frame chart, which also suggests that the retrace might be over. So, this might be good opportunity for buyers.
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