Bitcoin Squeezes at Major Moving Averages: BTCUSD Bitcointrading bitcoinprice
That is the biggest issue here, we are trading between the 50 day and the 200 day EMA indicators, which typically causes quite a bit of noisy behavior. The CPI numbers in the United States were hotter than anticipated, so that did cause a little bit of weakness for a short amount of time, but then we turned around to see a lot of “risk on behavior” shortly thereafter.St. Louis Federal Reserve Gov.
This is a bullish sign, so we may be getting ready to see a move higher, but if we can break above the 200 day EMA on a daily close. At that point, then I think Bitcoin has a real shot at going towards the $50,000 level. On the other hand, if we break down below the lows of the last three sessions, it probably opens up Bitcoin to go towards the $40,000 level. I think the one thing you can count on in the short term is going to be a lot of volatility, because everything’s volatile right now.I think all things been equal, this is a market that will go higher over the longer term, but we still have a lot of work to do in order to go to the upside longer term.
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