Bitcoin (BTC) Price Watch: New Bullish Channel Forming
Bitcoin recovered nicely from the primary support at $6,200 and broke above $6,300. Moreover, the uptrend headed for $6,400 traded slightly above $6,380 before retreating.
Looks like Bitcoin price is slowly trending higher in a short-term ascending channel, possibly setting its sights on the very top.
The mood in financial markets appears to have improved on account of lower-than-expected tariffs from China. After the US announced their set earlier on, many feared a huge retaliatory effort from Beijing, but the amount targeted was lower at $60 billion also at lower rates than what many feared.
CoinDesk reported that the founder of high-performance DRW trading platform, Don Wilson reckoned that the Asian region has a high appetite for Bitcoin derivatives. In fact, he said that the demand equals that of the United States. He added that this situation is a significant anomaly especially well it is compared with the other available financial instruments. Wilson shared these thoughts with Quartz's John Detrixhe during a discussion at the CoinDesk Consensus Singapore 2018 conference.
Because of that, the pickup in risk-taking has lifted cryptocurrencies somewhat, allowing bitcoin price to keep its head above water despite more naysayers. Traders are still on edge ahead of the SEC decision on bitcoin ETF applications, worrying that another set of rejections could further delay institutional investments.
Meanwhile, Bitcoin is trading in a contracting triangle pending an upside breakout. Besides, a break above this pattern will attack the immediate resistance at $6,360. At the same time, the buyers have their eyes locked on $6,380 and recoil towards $6,400 is in the pipeline. The slow stochastic oscillator is ranging slightly below the oversold while the MACD is deep inside the positive region.
Bitcoin is trading above the moving averages on the 15-minutes chart and the trend is still strongly bullish.
Looks like Bitcoin price is slowly trending higher in a short-term ascending channel, possibly setting its sights on the very top.
The mood in financial markets appears to have improved on account of lower-than-expected tariffs from China. After the US announced their set earlier on, many feared a huge retaliatory effort from Beijing, but the amount targeted was lower at $60 billion also at lower rates than what many feared.
CoinDesk reported that the founder of high-performance DRW trading platform, Don Wilson reckoned that the Asian region has a high appetite for Bitcoin derivatives. In fact, he said that the demand equals that of the United States. He added that this situation is a significant anomaly especially well it is compared with the other available financial instruments. Wilson shared these thoughts with Quartz's John Detrixhe during a discussion at the CoinDesk Consensus Singapore 2018 conference.
Because of that, the pickup in risk-taking has lifted cryptocurrencies somewhat, allowing bitcoin price to keep its head above water despite more naysayers. Traders are still on edge ahead of the SEC decision on bitcoin ETF applications, worrying that another set of rejections could further delay institutional investments.
Meanwhile, Bitcoin is trading in a contracting triangle pending an upside breakout. Besides, a break above this pattern will attack the immediate resistance at $6,360. At the same time, the buyers have their eyes locked on $6,380 and recoil towards $6,400 is in the pipeline. The slow stochastic oscillator is ranging slightly below the oversold while the MACD is deep inside the positive region.
Bitcoin is trading above the moving averages on the 15-minutes chart and the trend is still strongly bullish.
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