Bitcoin | Page 26 | The Gold Forecast

Bombshell boosts Bitcoin past technical resistance

Wednesday, October 21, 2020 - 20:22 by Joseph M. Wagner II

This “bombshell” I am referring to is the announcement by PayPal earlier today that in just a few weeks they will allow users the ability to hold and exchange cryptocurrencies in their digital wallets. This news is a gigantic leap for the adoption of Bitcoin as well as Bitcoin Cash, Ethereum, and Litecoin which will also be supported. This rollout is said to start over the next few weeks and allow for U.S. customers to make purchases with crypto sometime early next year.

This news propelled BTC past its area of resistance that served as a ceiling for almost two years to levels not seen since July 2019. This is a gamechanger as it brought the digital asset past its last real technical hurdle until nearly $14,000.

So, to traders the question becomes is this going to hold and where is it headed from here? The simple fact that this move was based on an announcement revealing that adoption of Bitcoin as a means of a global, widespread, and mainstream form of payment means it is not only a short term shot in the arm for Bitcoin but one that will have lasting implications as well.

As such I would recommend traders to enter from the long side and place protective stops at $12,600 this stop is rather tight as I believe Bitcoin will do one of two things, either continue flying higher or retrace back below the $12,600 resistance level with the ladder of the two is unlikely in my eyes.

 

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Previous Reports:

Tuesday, April 14, 2020 - 16:52
Bitcoin futures in the CME are trading up about $100 (1.47%) at $6,910 as of 3:45 EST. After breaking below the 21-day exp. moving average yesterday BTC found resistance at that point today as it traded above this price point for a brief moment before correcting. If we draw a line down the center of were the two converging trend lines meet we can see that this line (at approximately $6962) is... Read more
Monday, April 13, 2020 - 16:35
Bitcoin futures plunged upon opening for the start of the week. Within the first four hours BTC lost $1,500 in a matter of four hours after gaping down $200 from Friday’s close in the CME. It quickly regained a small portion of its losses and is trading steady around $6,700 at AM EST. A compression triangle has been forming for almost nine weeks for the resistance trend line and six weeks for... Read more
Thursday, April 9, 2020 - 18:19
Bitcoin finishes fourth week in a row posting gains and exhibiting its 4th consecutive higher intra-week high, this week’s came within $15 of current resistance at $7,500. This week we also broke above the 21-day exp. moving average (currently at $7,019) now trading above this technical indicator for three days now the last time this occurred was from Feb. 12 – 14. For that period BTC futures on... Read more