Bitcoin Trend Analysis

Bitcoin has had a huge move from the lows.It has hit 18900 levels in 2017 and then crashed to 3190 levels in 2018. From there it has bounced to almost 13000.

See the weekly chart of Bitcoin. It is above the 50 week moving average and MACD is also above the zero line. It is clearly bullish.

The past shows once it clears overhead resistance it gives great moves. One such move happened in 2016 after breaking the previous high. Now once we cross the previous high of 18900 we are in open territory and this can zoom much higher. A lot of fundamental news is aligning also with this and could be the reason behind this move. This is one asset worth trading on the long side once we break the previous high. Keep a watch on it!

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