Bitcoin broke the recent mold of the negative weekend session and enjoyed a couple of really positive days. The leading cryptocurrency was already making headway before the news that internet retail giant Amazon apparently will soon allow its use to purchase goods online. This is certainly potentially very big news. It caused the price to surge from around 34,650 earlier today, to 39,680. The gain of more than $ 5,000 came a little earlier today at the start of the Asian session. The impact of the Bitcoin price spike has also had a very positive impact across the cryptocurrency sphere. The break above the 50-day moving average on Bitcoin (now at 34,280) was the first sign of a higher move and this news from Amazon was the clear catalyst to really push it higher. The next resistance level is now the 100-day moving average, currently at 40,750. Under current circumstances it would be extremely unwise to rule out a test of this level today.
Next resistance 41330. You could try a buy at 38700 with a target of 40750.
Graphic: tradingview.com
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This article does not contain investment advice. Every investment and trading move carries a risk, readers should conduct their own research when making a decision.
THE OPINIONS EXPRESSED BY THE AUTHOR ARE FOR INFORMATION PURPOSES ONLY AND DO NOT CONSTITUTE FINANCIAL, INVESTMENT OR OTHERWISE ADVICE.
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