Bitcoin’s bullish flightpath cleared for takeoff

Bitcoin is currently trading up by $395 or 1.48% as of 4:30 PM, EST at $27,168. This is $2,000 above where the leading cryptocurrency had opened for trading a week ago ($25,162) last Tuesday, September 12th.  By Thursday of last week, BTC had completed a candlestick formation known as “three white soldiers” which forecasted that further upside price movement was likely.

As often seen following this candlestick pattern price consolidated from last Friday until last Sunday before rallying both yesterday and today. The current price of Bitcoin is right at the 50-day simple moving average (green line) which represents the first real resistance Bitcoin has faced during this current run-up. Whether or not we get a close above the 50-day SMA today I believe we are in store for higher prices still and the 50-day will likely be turned into a level of support by week’s end.

The only thing standing in the flight path between Bitcoin and higher prices is the Federal Reserve’s FOMC meeting later this week. While the Fed may have yet to achieve its “soft landing” that does not mean that BTC cannot get cleared for “takeoff.”