Bitcoin | Page 7 | The Gold Forecast

Bitcoin futures trade up but off of the 50-day M.A.

Monday, September 28, 2020 - 17:48 by Joseph M. Wagner II

Today we saw Bitcoin futures (BTC) post their 3rd consecutive gain for the day, currently up $150 or 1.39% as of 4:30 PM EST. Usually, this would be signaling a further bullish trajectory, and although this could be the case here’s why I don’t believe it is as of yet.

First and foremost is the intra-day high achieved today at $11,080. This price point is exactly where the 50-day moving average lies. A bounce to the downside was observed after reaching this technical indicator and for that reason, we remain neutral. However, a break above $11,200 would turn us bullish on the asset.

One of the more bullish signs we have witnessed today and for the past three trading sessions is the growing volume occurring concurrently with higher pricing. Gleaming any meaning out of this can be tricky and we don’t have to look back too far to see one of the only other instances of growing volume for three days of price advances. The last time and possibly the only other time we had three days of rising volume amidst three days of the rising price is back on May 8th of this year. What followed the next day for BTC however was a steep decline over the weekend leading to BTC futures gapping down over $1,200 on the open for Monday, May 12th.

So, our forecast from Friday remains and it “Is likely that it will remain in its current band of approximately $9,900 - $11,100 for the foreseeable future. Looking back on a longer-term chart reveals this is indeed BTC’s favorite point of congestion and what is only starting to resemble consolidation.”

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Previous Reports:

Thursday, July 23, 2020 - 18:57
Just like the U.S. Dollar fell through a key support level late last week, Bitcoin also moved past a key resistance level in trading today. Both of these moves have two things in common first these levels were both based on extremely long term Fibonacci retrenchments spanning vast amounts of their all-time charts. Secondly these recent breakouts represent the high likelihood that both the U.S.... Read more
Tuesday, July 21, 2020 - 18:52
Today I wish to touch upon something other than Bitcoin futures, and that is silver. For weeks I have contemplating how silver will likely reach $25 before gold reaches $1900 o Bitcoin reaches $11,000. This is because I believe silver is the most undervalued and also has the most upside potential in the near future. Today alone silver futures are up over 6.5% on the day at $21.55.  The... Read more
Monday, July 20, 2020 - 19:42
With BTC futures trading as calm and stable as ever before we have to ask ourselves when this period ends and BTC breaks which direction will it favor? While the fundamentals are bullish we cannot ignore the descending top BTC has yet to break on every attempt is vastly approaching. Currently this resistance channel sits at approximately $10,000.  Make no mistake I firmly believe that... Read more