Skip to main content

Bitcoin sets triple top above 38,400

Late yesterday evening I ran an update here looking at the immediate price action on Bitcoin and how that might play out.That update was later than usual owing to a power outage here. Of course during that time I would not have been able to trade BTC, even if I had wanted to. In that update I noted the potential for a  triple top to be set in place above 38,400. Well, as you can now see, that is exactly what transpired and since then the downside has been more if focus so far today. That said, BTC has not broken any fresh ground yet today, but the price action for the most part has been southbound. So, the question now raises the prospect of what will unfold from now? I said yesterday, that the immediately higher trend remains in place, as demonstrated by a series of higher lows and rising daily moving averages, but at the same time the resistance above 38,400 is clear to see. The fact is folks, BTC can do pretty much whatever ever it likes in between 35k and 38k without shifting the dial too much. It is also clear to see this morning, that the rebound in the dollar so far today is also weighing on the price action. The range seen so far this morning has been covered by 37,599 to 38,150. It is currently near the low end of that just now 
 

Ready to Get Started?

Start here. Join 2.9M Libertex users around the world!