Cryptocurrency
Bitcoin Breakout Signal Emerges After Trading Envelope Bounce
As reported on Bloomberg, “After weeks of muted trading, Bitcoin could be poised for a new breakout and a potential breach of a key level, technical indicators show. “Over the weekend, the largest cryptocurrency bounced off the lower Trading Envelope band, a move that suggest it’s likely to retest $12,000. The measure tends to smooth […]
As reported on Bloomberg, “After weeks of muted trading, Bitcoin could be poised for a new breakout and a potential breach of a key level, technical indicators show.
“Over the weekend, the largest cryptocurrency bounced off the lower Trading Envelope band, a move that suggest it’s likely to retest $12,000. The measure tends to smooth moving averages to map out higher and lower limits.
“In addition, the GTI Global Strength Indicator shows the coin has entered a new buying trend and isn’t in overbought territory, portending further gains.
“Bitcoin rose as much 1.2% on Monday in New York to around $11,778. Peer coins Bitcoin Cash and Ether also advanced, while Litecoin and Monero traded lower.
“Some crypto fans are betting that interest from institutional investors could help carry Bitcoin higher. Fidelity Investments launched its first Bitcoin fund last week. JPMorgan Chase & Co. also made an investment in ConsenSys while selling its blockchain unit Quorum to the software company for an undisclosed amount…”