💎 Fed’s first rate cut since 2020 set to trigger market. Find undervalued gems with Fair ValueSee Undervalued Stocks

Bitcoin Sees New Price Support From 7-Year-Long Rising Trendline

Published 11/02/2018, 07:00 AM
Updated 11/02/2018, 07:15 AM
© Reuters.

With the number of strong support levels increasing for bitcoin (BTC), the bitcoin bears are facing an uphill battle.

The latest addition to the list is the support of the trendline connecting the November 2011 low and August 2016 low, currently at $5,830. Till Oct. 31, the two important support levels were the 21-month EMA and the trendline drawn between the June low and August low.

More importantly, the 21-month EMA was the level to beat for the bears till last month, meaning a close below that EMA was seen reviving the sell-off from the record high of $20,000.

Continue Reading on CoinDesk

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.