Bitcoin: a new dawn for crypto?
What a week !
This could be a short summary of majority comments from the crypto analysts. After the election of the new President of the United States, who was strongly crypto supportive during the campaign, a new dawn came for the crypto industry. Investors are perceiving that the new US Government will be supportive for the crypto industry and that it might further gain in the mainstream and further solid grounds in the United States. BTC immediately reacted to the first electoral results, gaining strongly during the week. Still, the most important milestone came at Saturday trading session, when the BTC reached for the first time in history the level of 80K. Actually, the current highest historical level is above $80.000.
The RSI entered into the clear overbought market side and continues to move within it, at the level of 76. Under normal market conditions, this level would be treated as highly overbought, from where short term reversal might be expected. Still, current circumstances have to be taken into account, where the timing of this reversal might be postponed. The moving average of 50 days continues to strongly diverge from the MA 200, further confirming a cross occurred as of the end of October.
During the previous week charts clearly showed that the strong up trend for BTC will continue. A break from ATH level means that the BTC will now start searching for new equilibrium levels. Testing of old S/L lines is finished, and BTC is on the quest to chart new ones. The main question at this moment is how much funds are on the market which will be transferred to BTC, and from which other assets? Until the BTC hype is holding, it would not be easy to predict any levels, neither to up or to down side. At the moment, an old traders saying could be applied - trend is your friend. In case of a short reversal, there is some probability that the levels around 78K down to 76K could be tested. Still, some significant drop in the price of BTC, at this moment, should not be expected.
This could be a short summary of majority comments from the crypto analysts. After the election of the new President of the United States, who was strongly crypto supportive during the campaign, a new dawn came for the crypto industry. Investors are perceiving that the new US Government will be supportive for the crypto industry and that it might further gain in the mainstream and further solid grounds in the United States. BTC immediately reacted to the first electoral results, gaining strongly during the week. Still, the most important milestone came at Saturday trading session, when the BTC reached for the first time in history the level of 80K. Actually, the current highest historical level is above $80.000.
The RSI entered into the clear overbought market side and continues to move within it, at the level of 76. Under normal market conditions, this level would be treated as highly overbought, from where short term reversal might be expected. Still, current circumstances have to be taken into account, where the timing of this reversal might be postponed. The moving average of 50 days continues to strongly diverge from the MA 200, further confirming a cross occurred as of the end of October.
During the previous week charts clearly showed that the strong up trend for BTC will continue. A break from ATH level means that the BTC will now start searching for new equilibrium levels. Testing of old S/L lines is finished, and BTC is on the quest to chart new ones. The main question at this moment is how much funds are on the market which will be transferred to BTC, and from which other assets? Until the BTC hype is holding, it would not be easy to predict any levels, neither to up or to down side. At the moment, an old traders saying could be applied - trend is your friend. In case of a short reversal, there is some probability that the levels around 78K down to 76K could be tested. Still, some significant drop in the price of BTC, at this moment, should not be expected.
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