The weekend looks good when the market is green, but we are not there yet
Yesterday’s report speculating on the potential bitcoin breakout turned out to be right. Twitter sentiment has gone wild as bitcoin closed a daily candle above its 50 day simple moving average – a buy signal for technical traders. The bulls are back!
That’s not all though. If the positive scaling news wasn’t enough – with over 65% of recent blocks’ transactions going through the new SegWit implementation – a £700 billion ($1 trillion) money manager is ‘joining the crypto frenzy‘.
If you want even more, note that on the linear charts bitcoin finally broke its long-term December resistance and is appreciating despite Thursday’s stock market sell-off. Nevertheless, a short-term bearish divergence is forming and we still have a long way to go before we go ‘fully bullish’ and start thinking of parabolic targets again.