Crypto

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.

Today we got a weak example of a three-day candlestick pattern known as “three white soldiers” appearing in the daily candlestick chart for Bitcoin. I say weak because while it does meet most of the criteria which is;

Three long and green candlesticks in a row.

Appearing after a defined downtrend.

Each of those candles must open above the previous day’s open.

Today we had a crossing of two major moving averages in Bitcoin with the shorter-term 50-day crossing below the longer-term 200-day simple moving average. This type of cross between a longer and shorter-term moving average is known as a bearish cross or a death cross.

If there was any doubt that a spot Bitcoin ETF would move the market higher, that was surely removed today. After being denied approval to convert their Bitcoin trust into a physically backed spot Bitcoin ETF, Greyscale had a victory in overturning that ruling. The U.S.

Yesterday, after spending 8 weeks with extremely low levels of volatility, Bitcoin broke from its dormancy with a sharp break to the downside.