Source: Yahoo Finance
The Bitcoin bulls added another feather into its cap and gloriously proved naysayers wrong as it surged past $52,000 yesterday and recorded a new all-time high. Although the price has retraced slightly, it still remains above the $52,000 level and sits at $52,223.44 at the time of writing.
It is still trading well above its 50-day Simple Moving Average (SMA), which is denoted in purple and signalling a bullish trend. The Relative Strength Index (RSI) has since dipped from a high of 80 and is currently at 53.
The lingering question on the mind of most people is: what’s next from the bulls? Analyst Anil Panchal from FX Street believes that there is still strength in this bull run. He believes that the price is heading towards the next Fibonacci Expansion (FE) resistance level of 100% which lies at $54,500, before moving to $55,000.
On the opposite direction, support levels are at $50,000 (a psychological level), $49,700, $47,850, and $42,000. Successful breakthrough past these levels would give the reins to the bears.
It is undeniable that the sense of FOMO (Fear of Missing Out) remains high surrounding Bitcoin, which is fast becoming an asset class gaining a lot of spotlight with institutional and retail investors. However, traders should take note of the fact that Bitcoin’s volatility level remains high, compared to other major macro assets.
Source: CoinDesk Research, St. Louis Federal Reserve (Fed), Yahoo Finance
Traders should bear this volatility in mind, and always have a sound risk management and asset allocation strategies that is in line with the trader’s investment objectives.
BTC/USD (as of Feb 18, 2021, 10.05 a.m., GMT +8) - $52,223.44
FOLLOWME BTC/USD User Sentiment (as of Feb 18, 2021 at 10.35 a.m.)
Short – 84.17%
Long – 15.83%
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