Commentary by Jackson Zeng, COO Caleb & Brown
Bitcoin: USD $3,922 (as of 21 Feb 2019)
We saw another spike this week of 11% from $3550 all the way up to $3970.
Bitcoin has managed to break out of both the 50 day SMA and EMA (green, purple), as well as the descending trend line (orange).
The price is currently sitting just below the $4000 mark, 6% above the EMA.
We’re also noticing 6 consecutive green candles, which is the longest sustained short term rally since July 2018. It is rare to see 7 or 8 consecutive green candles so a possible scenario may be a red close on 21st or 22nd before retesting the $4000 mark and seeing if we can break up higher. This lines up with the RSI of 70 indicating brief entry into the overbought territory.
We’re looking forward to the next few weeks to see if sustained volume can help identify a reversal in mid and long term trends.
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