Bitcoin (BTCUSD) Weekly MACD Positively Crossing
Darren Chu, CFA of Tradable Patterns - - Sat Feb 09, 10:40PM CST

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Bitcoin (BTCUSD) began bouncing along with many other top crypto coins Friday, on the back of a 30% surge in Litecoin (LTCUSD). Increasingly, crypto bulls are positioning for a rally leading into the Ethereum (ETHUSD) hard fork originally slated for Jan 16, and rescheduled to late Feb. After trying to bottom near the June 2017 high and September 2017 low over the past few months, BTCUSD bulls are looking to reclaim the psychologically key 4000 whole figure level, particularly as BTCUSD is arguably breaking a 1 year downtrend/triangle resistance (on the weekly chart). Some traders when drawing the first data point of this resistance line (in December 2017) will begin the line from the upper end of the body of the highest December 2017 weekly candle as opposed to the same candle's upper shadow's peak. A line from the upper end of the same December 2017 candle's body of course would produce a downtrend resistance level that intersects higher. The weekly and daily RSI, Stochastics and MACD are bottomish, rallying or consolidating recent gains. As the market begins focusing on the ETHUSD hard fork and the upcoming launch of BAKKT and Fidelity's institutional offering, selling pressure will likely exhaust this month.

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