Is Bitcoin Showing Signs Of An Upward Trend?It seems that the dizzy heights of the Bitcoin price around December 17, are just a distant memory now. We have almost become used to waking up, checking the markets and our exchanges, and seeing the price of Bitcoin lower than it was the day before. With a few happy surprises now and then.
But is Bitcoin showing signs of being Bullish? Are we looking at a possible breakout?
Let's take a look at the chart below for some inspiration.
As we can see Bitcoin experienced a narrowing of it's price range last week, turning upward away from the lows around $7000. A downward trend would have indicated a further sell off from the record high a few short months ago.
But that hasn't been the case and Bitcoin closed around $7700 easing the likelyhood of further price drops.
It's a little early to say for sure that Bitcoin could rise to $8800 (penant resistance) and beyond, we would be more hopeful if there is a steep price rise above the resistance point of the 50 week Moving Average.
It's an exciting time to keep an eye on the Bitcoin market.