Friday, January 17, 2020 10:19 AM EDT
CRYPTOCURRENCY RALLY CONTINUES
The two-month cryptocurrency rally continues Friday with all major coins/tokens in positive territory. Market leader Bitcoin has just touched the $9,000 level and made its highest level since November 11, while Ethereum is back at levels last seen two months ago.
Coinmarket.Cap
Bitcoin’s latest run, while fueling bullish sentiment, needs to break a couple of important technical levels to turn the chart further positive. A break of the 200-day moving average, currently around $9,100, would confirm short-, medium- and long-term positive sentiment, while a close above $9,930 would break a series of lower highs and add further bullish sentiment. Initial support either side of $8,500.
As always with this sector, sharp moves, either way, can occur in a short timeframe, and with the market trading 24/7, care should be taken over the weekend.
BITCOIN (BTC) DAILY PRICE CHART (MAY 2019 - JANUARY 17, 2020)
(Click on image to enlarge)
Disclaimer: DailyFX, the free news and research website from IG, is one of the world's leading sources for news and analysis ...
more
Disclaimer: DailyFX, the free news and research website from IG, is one of the world's leading sources for news and analysis on the currency, commodity and index trading community. With nine internationally-based analysts publishing over 30 articles and producing 5 video news updates daily, DailyFX offers in-depth coverage of price action, predictions of likely market moves, and exhaustive interpretations of salient economic and political developments. DailyFX is also home to one of the most powerful economic calendars available on the web, complete with advanced sorting capabilities, detailed descriptions of upcoming events on the economic docket, and projections of how economic report data will impact the markets. Combined with the free charts and live rate updates featured on DailyFX, the DailyFX economic calendar is an invaluable resource for traders who heavily rely on the news for their trading strategies. Additionally, DailyFX serves as a portal to one of the most vibrant online discussion forums in the forex trading community. Avoiding market noise and the irrelevant personal commentary that plague many forex blogs and forums, the DailyFX Forum has established a reputation as being a place where real traders go to talk about serious trading.
Any opinions, news, research, analyses, prices, or other information contained on dailyfx.com are provided as general market commentary and does not constitute investment advice. Dailyfx will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.
less
How did you like this article? Let us know so we can better customize your reading experience.