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BTC still trading on the end of an elastic band
As the global equity and risk markets continue to stretch from one edge to the other that is pushing Bitcoin around like it is on the end of an elastic band. Yesterday BTC lifted with stocks to above 57,500, then as stocks wilted again the lead coin fell back to a low much earlier today, after the wider US close, at 54,576. It has since rebounded with the Nikkei 225 today (as one might expect) and pushed back above that 57,500 level once more. As you can see, for the most part the price action is not of its own making, it is following what surrounds it still. In the wider sense, BTC is still parked well south of its 200 day moving average, which is still rising by the way (now in place at 61,670). Also to remind the reader once again; that ahead of that lies the 50% correction target, at 59,665. The range seen so far today has been covered by 54,576 to 57,655. BTC is currently trading at 56,925
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