Bitcoin’s (BTC) Impressive Price Rally
Bitcoin Price Today Live 01.17 – The volatility in Bitcoin’s price continues to remain high as Bitcoin [BTC] continues to showcase up and downturns of about $200. It briefly touched a high at $9013 as the sellers began to pour in looking for a correction.
The 200 Day Moving Average continues to pose a huge resistance to the bulls at $9065. The price of Bitcoin [BTC] at 14: 30 hours UTC is $8780.
The price action on the lower time frames with a potential shooting star, followed by a long bearish candles further validated the bears. Nevertheless, zooming out, the charts reveal a rising wedge, which is a bearish pattern. However, the support and resistance of the pattern is still intact.
According to trader Scott Melker, Bitcoin faced a severe rejection at the 61.8 percent Fibonacci retracement level, which might indicate that $9,000 was the top of the recent rally.
Another fake pump?
Melker points to the fact that the Bitcoin price also tapped the 61.8% retracement level on Oct. 25 after when Bitcoin price pumped by about 40 percent on the news about Beijing endorsing Blockchain.
After a small period of euphoria, complacent bulls had to face a harsh reality, with Bitcoin shedding all of its gains in about a month and hitting the $6,400 low in December.
Whether you believe in Fibonacci retracement levels or not, this certainly gives the bulls a lot of food for thought.
Is the Top In?
Bitcoin [BTC] price has risen 40% since its low around $6500 last month. Hence, traders and investors might be looking to take profits as correction seems imminent.
But with this latest rally, many cryptocurrencies are up over 250% in the last 30 days, with even Bitcoin surging to local highs after an extended downtrend may have come to an end. However, unlike previous rallies, the rise in prices isn’t being followed by a rise in Google Search volume.
Bitcoin Candlestick Charts
To interpret Bitcoin Candlestick Charts, please read the Fintech Zoom Articles:
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Each Bitcoin is basically a computer file which is stored in a ‘digital wallet’ app on a smartphone or computer. People can send Bitcoins (or part of one) to your digital wallet, and you can send Bitcoins to other people. Every single transaction is recorded in a public list called the blockchain.
Disclaimer – Bitcoin Price Today Live 01.17
This article should not be considered as offering trading recommendations. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. While price analysis is a useful tool, it should not be considered predictive for the future performance of any investment vehicle. Any investor should research multiple viewpoints and be familiar with all local regulations before committing to an investment. Website personnel and the author of this article may have holdings in the above-mentioned cryptocurrencies.
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Bitcoin Price Today Live 01.17