While there is plenty of excitement in the air, there is a feeling of uncertainty about it all. Why this is the case fails me. At first, I thought I was the only one feeling that way but several friends of mine said the same thing. There is plenty of excitement about the price of Bitcoin that we all wonder, what next? Some may have noticed that I haven’t written anything for a while. I have spent the time watching the markets and studying. The omens for a continued rise in the price of Bitcoin look good; and yes, there will always be some retracement, which is normal in all markets. Nevertheless, the feeling of an inevitable crash lingers.
Bitcoin Testing the 21-day EMA Support (Chart Courtesy of TradingView)
As I have said, the omens look good for Bitcoin $14k. If BTC breaks the $13k barrier then we are most certainly on for $14k. On the Bitfinex exchange, BTC did break the $13k barrier but price falls back to the late twelve hundreds. I don’t think it will stay there for long. You may recall that BTC broke the $13k barrier two days in a row in June. It subsequently fell all the way down to $9583. There is, however, one key reason for BTC $14k. It is the fact that for the seventh time this year, BTC has tested the 21-day exponential moving average (EMA) and bounced off it. This means that in the short term, the 21-day EMA is a key level of support. If the 21-day EMA continues to hold could BTC $14k be imminent? Probably; but then again, your guess is as good as mine.
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