Cautious But Steady
The Bulls are back in town, but they are not hitting it as hard as they did in the past. Over the last couple of days we have seen some measured improvement from Bitcoin, and that makes me feel good about the increase. Let's take a look:
As you can see, the Bitcoin price has been steadily increasing over the last couple of days. The same up trend trading channel seems to be beginning for the third day in a row, and that is comforting to me. Seeing this kind of measured increase over the course of a couple of days says to me that there is mature confidence in Bitcoin; there isn't a lot of speculation going on. This means that the price should continue to increase and hit new highs everyday and with the cautious increase instead of the all-in-one moonshot, these increases tend to stick. You can see from my hourly chart that Bitcoin has used the 100 EMA (Exponential Moving Average) as support for the last two day and appears to be setting up for the same kind of action today. I think that Bitcoin will stay within the trend channel that I have outlined with the blue lines. You can also see that there was a good little retracement around Midnight UTC the last couple of days as traders took some profit during the highest price of the day. This looks like a healthy chart to me, but I am just an amateur trying to make sense of this beast!
Check out my other crypto posts:
Telegram on track for a $1 billion ICO?
Here We Go Litecoin!
Big Gains for Ripple on the Horizon
If You Can't Fight 'em, Join 'em: Salon Offers Ads or Bitcoin Mining
XRP (Ripple): The Gateway Crypto
