Bitcoin’s price continues to climb upwards against all odds, shrugging off the hard fork and leaving Bitcoin Cash in the dust. While many traders predicted that the Bitcoin market will suffer as a result of the fork, so far the charts say otherwise. Earlier today the price reached a brand new all time high of $3705, sliding down to the current price of $3649 on Bitstamp at the time of writing.
Bitcoin is up 7% today, as the bulls are leading the rally to uncharted territories. After testing support at the $3300 level, the price quickly recovered from the selloff and shot up over $150 in a matter of hours. Taking a look on reddit, tradingiew, and other popular trading forums, most traders are calling the latest price rise manic.
While that may be true, the charts look promising. For example, the current RSI is right at 70, meaning that while buy support is strong, the market isn’t quite overbought yet. However, if too many buyers try to FOMO their way to some coins, the RSI will break through past 70 indicating a dangerous territory.
We just sent you an email. Please click the link in the email to confirm your subscription!
OKSubscriptions powered by Strikingly