Bitcoin has been moving steadily upwards since the start of August, with price pumping from $9,500 and powering through the $10,000 and $11,000 levels with relative ease.
Will the minor weekend correction hinder Bitcoin or will price push higher this week? Or will we see more major retracements back to the $10,000 region and below?
As you can see from the chart above, BTC is now firmly back above its 20-day EMA after a couple of weeks of price bouncing around it.
Last week I said I expected price to bounce between $9,000 and $11,000 before making its way upwards again towards the $12,000 and $13,000 levels and above.
Even though the trend is our friend, there is the potential for significant retracements that would see price touch or even drop below Bitcoin’s 100-day EMA. Remember that in the previous bull run, price retraced between 30% to 40% a few times before reaching all-time highs.
At the moment, I believe we’ll continue to push higher up, especially after the US Federal Reserve’s recent rate cut and the US-China trade war wreaking havoc on the traditional financial markets.
— Pedro Febrero (@Febrocas) August 4, 2019
Volume seems to be recovering as well. Over the past month, volume has gone from $20 billion to $27 billion then back to $14 billion in late July. At the moment, we’re back above $14 billion and on a good trend towards $20 billion.
Bitcoin’s market dominance has also increased slightly from 66% to 68%.
Hopefully this latest downturn was just a bump in the road and the market will continue its positive momentum once again. Looking at the overall market behaviour, I’m quite confident that we’re still in a bull run – or at least that’s what my analysis shows.
Current live Bitcoin pricing information and interactive charts are available on our site 24 hours a day. The ticker bar at the bottom of every page on our site has the latest Bitcoin price. Pricing is also available in a range of different currency equivalents:
US Dollar – BTCtoUSD
British Pound Sterling – BTCtoGBP
Japanese Yen – BTCtoJPY
Euro – BTCtoEUR
Australian Dollar – BTCtoAUD
Russian Rouble – BTCtoRUB
In August 2008, the domain name bitcoin.org was registered. On 31st October 2008, a paper was published called “Bitcoin: A Peer-to-Peer Electronic Cash System”. This was authored by Satoshi Nakamoto, the inventor of Bitcoin. To date, no one knows who this person, or people, are.
The paper outlined a method of using a P2P network for electronic transactions without “relying on trust”. On 3rd January 2009, the Bitcoin network came into existence. Nakamoto mined block number “0” (or the “genesis block”), which had a reward of 50 Bitcoins.
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Disclaimer: The views and opinions expressed by the author should not be considered financial advisement.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.