Crypto Frontline

Weekly Analysis BTC/USD

Weekly Analysis BTC/USD

October 12
08:54 2017

Following an approximately 35-40% drop, Bitcoin had been trading upwards for the last four weeks. What’s interesting about the move is that the buyers managed to balance the order flow and reverse the trend at such a strong pace, which suggests that the appetite for buying the cryptocurrency is still at high points.

The draw a quick price action situation, at the time of writing Bitcoin is located at the 4881 mark, very close to the all-time high located around 4949.15. Judging by the current price developments, it seems like a breach above the all-time high could take place and the cryptocurrency will manage to advance further. Lately, not just bitcoin, but cryptocurrencies like Ethereum had managed to appreciate significantly, even though recently there had been various news that suggests more and more governments could begin to ban the use of the cryptocurrencies.

Looking at our chart below, you can see how the price action had been floating nicely above the 20 EMA, breaking above, one by one, 4124, 4446 and 4702 resistance levels and currently heading towards the all-time high.

bitcoin chart

Even though the price of bitcoin had been surging up impulsively, being one of the best performing assets this year, there had been more and more concerns regarding the cryptocurrencies’ ability to replace fiat money and offer a better alternative to cash as we know it right now. So far, the price does not show any weakening in the market optimism, since the buying continues.