Bitcoin Is in a Fresh Uptrend as It Resumes Upside Momentum -September 17, 2021
Bitcoin has fallen to the low of $46,750 but pulled back as it resumes upside momentum. BTC/USD is trading above the 50-day SMA but below the 21-day SMA. Bitcoin will be compelled to a range-bound movement if it trades between the moving averages. The crypto will resume an uptrend if price breaks above the 21-day SMA. Similarly, the crypto will resume a downward move if price breaks below the 50-day SMA.
Resistance Levels: $50,000, $51,000, $52,000
Support Levels: $40,000, $39,000, $38,000
Following two days of consolidation above the $47,000 support, Bitcoin has resumed an upward move. The King coin is attempting to break above the 21-day SMA. The uptrend will resume if price breaks above the 21-day SMA and the candlestick is closed above it. On the upside, if BTC’s price reclaims the $48,000 support, the upside momentum will resume. The market will rise to retest or break above the $50,000 psychological price level. Conversely, if BTC price faces rejection at the $48,000 resistance, Bitcoin will fall but resume a downward correction below the $48,000 resistance. Bitcoin is at level 51 of the Relative Strength Index period 14. It indicates that there is a balance between supply and demand. Besides, the crypto has room to rally on the upside.
Bitcoin Is Used for Commercial Transactions and Investments in Cuba
Cryptocurrency regulations have taken effect in Cuba. According to Resolution 215 of 2021 issued by the Banco Central de Cuba (BCC), Cuba’s Central bank has recognized Bitcoin and other cryptos as legal payment for commercial transactions. Cuba’s Central bank has warned about the risks associated with cryptocurrencies. BBC also warned bad actors to take advantage of the perceived anonymous nature of crypto transactions for illicit transactions. The apex bank indicated that the use of virtual currencies poses significant monetary policy risks and financial stability concerns.
Meanwhile, Bitcoin bulls have resumed pushing BTC price to reach the $50,000 high as it resumes upside momentum. Buyers are struggling to break above the 21-day SMA. For the past four days, buyers have made concerted efforts to break above the 21-day SMA. If buyers are successful, Bitcoin will be in the bullish trend. The crypto will rise if it is above moving averages.
• How to buy Bitcoin
• How to buy cryptocurrency
Looking to buy or trade Bitcoin (BTC) now? Invest at eToro!
67% of retail investor accounts lose money when trading CFDs with this provider
Credit: Source link