The price of Bitcoin today, Thursday, February 15, 2018, reports a growth of 11.82%, which allows the BTC to position itself above the $ 9900 dollars, to continue this way it will pass the $ 10K line before closing today.
Highlights in today's analysis
- The price of Bitcoin made a break up from a previous short-term consolidation pattern to show that it is possible to get higher profits.
- Approaching the 4-hour chart, it is revealed that the next bullish targets are at 200 SMA and then channel the resistance.
- However, technical indicators suggest that the long-term sell-off could continue.
The price of Bitcoin seems to be ready to get more profit after a break in consolidation and could get close to the next bumps.
Important technical indicators
The simple average of 100 is still below the longer-term simple moving average of 200 to show that the path of least resistance is to the downside or that the sale is more likely to continue than to reverse.
However, the price has moved beyond the dynamic inflection point of 100 SMA, and is approaching the dynamic resistance of 200 SMA around $ 10,000. A jump beyond this level could take it to the channel's resistance at $ 12,000, which is also an area of interest.
Stochastic already indicates overbought conditions to show that buyers begin to feel exhausted. RSI has a little more space to climb, so the price of Bitcoin could still reach the top of the channel before the successes make a profit.
Market factors that influence the price of Bitcoin
Global stocks registered another winning day, which has been positive for the riskier holdings such as Bitcoin lately. An extension of this appetite for risk could mean another day in positive territory for the price of Bitcoin.
At the same time, the dollar is at a weak point after seeing the latest retail sales report. Both the incumbent and the central figure skipped the mark, while the previous figures were downgraded, prompting many analysts to revise their lower GDP forecasts.
This weighs on the adjustment expectations of the Federal Reserve, which is also positive for companies and consumers. In turn, stocks and commodities were raised by expectations of low interest rates for much longer.
As a result, the South Korean government is softening its stance against Bitcoin, following the Senate hearing encouraging industry development earlier this month. Rumor has it that they might consider implementing something similar to BitLicense.