he price of bitcoin has crossed the $9,000 USD zone across global exchanges on November 26, 2017, at approximately 10:40 am EDT. Earlier this year, bitcoin’s meteoric price rise had crushed those who believed it would tank when it passed $2K, and has continued to exceed some of the more modest expectations.
Bitcoin is on the tip of everyone’s tongues these days, as the decentralized currency has breached many all-time highs month after month. 2017 has been spectacular as far as the currency’s value is concerned, with bitcoin rising over 700 percent this year alone. For instance, back in January the price finally breached $1,000 per BTC, but then kept roaring all year long. On October 7 the price surpassed $4,500 which was half of what it is today, and you could have bought the dip on November 12 when the price was $5,850. Although the present value of bitcoin has astonished many, how quickly it has risen has been a shock to most. The currency is now being taken very seriously by naysayers, with it’s massive $150B market capitalization. At press time the price per BTC is at an all-time high of $9020 per token.
Looking at the charts since our last markets update, we can see some massive resistance up to $9300. During our previous analysis, the two 100 & 200 Simple Moving Averages (SMA) were parting ways after crossing paths earlier this week. Now the short term SMA is well above the long-term trend line indicating bulls may break key resistance quite easily. There is a bit of sell off with consolidation trying to form, as both the RSI and Stochastic show oversold conditions. Bitcoin’s price could see a correction in the near future, but it depends on the when buyers run out of steam. If a drop takes place, order books and some Fibonacci retracements indicate some possible $8,500-8,800 scenarios short-term. For now, bitcoin is trying to hold steady above $9K to keep the momentum going.
