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Bitcoin - An explosion to the upside highly likely.

by Tim Straiton
Monday 23rd October 2023

Bitcoin - An explosion to the upside highly likely.

The crypto market has experienced the last 18 months in a period of consolidation and now seems to have awakened to a situation of political uncertainty, a weakening US dollar in spite of higher interest rates and a surge in the price of precious metals. The current price of Bitcoin at the time of writing this report is 31200 which is well above the rising 40 week moving average of 27240.

The immediate upside target is 34,574, which is the 61.8% Fibonacci retracement from the high, based on the entire 64222 to 16248 range traded since November 2021. The weekly MACD has been above the zero line since the second quarter of 2022 and is now rising.It can be expected that the current market tendency in Bitcoin will have a similar impact on all major crypto currencies.


Disclaimer

Our opinions are not a recommendation to buy or sell a security. Your decision whether or not to open a transaction should be based on your own due diligence and not on any representation we make to you.

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