Final month, I confirmed how Bitcoin broke above its key $10,000 to $11,000 resistance zone, which was an indication of technical power. Since then, Bitcoin has held onto its positive factors, however has been consolidating in a brand new zone between $11,000 to $12,500. If Bitcoin can break decisively above this zone, it will be one other bullish affirmation. A break again into the $10,000 to $11,000 zone, nevertheless, could be an indication of technical weak spot.
In May, I confirmed that Bitcoin was forming a wedge sample over the previous few years that might seemingly lead to a major transfer. Bitcoin’s surge final month induced it to interrupt out of this wedge sample, which will increase the chance of additional upside (assuming that the breakout holds).
Protected-havens like Bitcoin and treasured metals are benefiting from world central banks’ extraordinarily aggressive financial insurance policies which were launched to offset the dangerous financial results of the coronavirus pandemic. Extremely-low rates of interest and quantitative easing aren’t going away anytime quickly, which ought to assist buoy safe-haven property within the years to come back.
Please add me on Twitter and LinkedIn to comply with my updates and financial commentary.