At the time of writing, Bitcoin (BTC) is trading close to $9,200 after price spiked during the weekend, climbing 18% from $7,800 to $9,250 in just a couple of hours.
It seems the hypothesis that weekends are good for Bitcoin is indeed true. But will Bitcoin maintain its weekend gains during the next few days?
Bitcoin experienced a major rally that took its price upwards close to 18% over the weekend. Afterwards, price pulled back closer to its new support level at around $8,800. At the moment, the market is moving upwards with higher lows each time it falls, meaning we should expect BTC to continue its climb towards $10,000 – which in my opinion might come within the next couple of weeks before the end of the month.
Let’s not forget that I consider Bitcoin to be in a bull run when the 20-day EMA is above the 50-day EMA and the latter is above the 200-day EMA. As we’ve already accomplished that goal – not only in shorter time-frames but also in daily and weekly ones as well – I personally think the bears have retreated and bulls are now firmly in charge.
Volume also seems to be increasing as well. Over the past seven days, volume went from $17 billion to $23 billion, retracing today to the $20 billion region.
Putting all this information together, we’re now clearly on the right path to reach $10,000 – or maybe even $20,000 – by the end of 2019.
Of course, if you think I might be overreacting to positive news, you can always check what other expert analysts have to say about this recent price movement.
Hopefully, the market will continue this positive momentum.
Pay attention to retracements back down towards the 200-day EMA to make new entries.
Current live Bitcoin pricing information and interactive charts are available on our site 24 hours a day. The ticker bar at the bottom of every page on our site has the latest Bitcoin price. Pricing is also available in a range of different currency equivalents:
US Dollar – BTCtoUSD
British Pound Sterling – BTCtoGBP
Japanese Yen – BTCtoJPY
Euro – BTCtoEUR
Australian Dollar – BTCtoAUD
Russian Rouble – BTCtoRUB
In August 2008, the domain name bitcoin.org was registered. On 31st October 2008, a paper was published called “Bitcoin: A Peer-to-Peer Electronic Cash System”. This was authored by Satoshi Nakamoto, the inventor of Bitcoin. To date, no one knows who this person, or people, are.
The paper outlined a method of using a P2P network for electronic transactions without “relying on trust”. On 3rd January 2009, the Bitcoin network came into existence. Nakamoto mined block number “0” (or the “genesis block”), which had a reward of 50 Bitcoins.
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As with any investment, it pays to do some homework before you part with your money. The prices of cryptocurrencies are volatile and go up and down quickly. This page is not recommending a particular currency or whether you should invest or not.
*The views and opinions expressed by the author should not be considered financial advisement. The author is not a professional trader, nor investor.