Optimism seems to have returned to the land of crypto. Pundits and the like are back to calling bitcoin $20k once more. Some have even gone as high as $50k by October. One often wonders what these guys are smoking. Maybe I should have some too if only to have a peek into their perspective. As always, I look at what the charts are saying, and I don’t see bitcoin $20k just yet. Please note that I have not said it won’t go back to that range but not right now.
Looking at my charts indicate show a steady rise in the price of bitcoin. For those who are Fibonacci purists, bitcoin’s price has already gone through the 0.5 and has got close to the 0.382 level- $7110.6 and $7432 respectively. The RSI (Relative Strength Index) is on the rise but not at an oversold level just yet. The CCI (Commodity Chanel Index) also indicates that there is some momentum in the price rise. News from China on the cryptocurrency speculation clampdown as well as tighter regulations in South Korea has not dampened enthusiasm. Maybe this really is the expected rally. The omens are indeed looking good. We all know the crypto market is very fickle, and things do change suddenly but then again, your guess is as good as mine.
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