Bitcoin made big leap passing the 800 mark and recorded highest thus far at $809 against US dollar for the day. A massive gain of about 1.25%, the highest BTC price traded since February 2014, locked in a new 34-month high. According on the data from Coinbase, the virtual currency’s price against US dollar breached the high of $809. The price is traded on last price of 808.22 at the time of writing. This caps another glorious milestone for the Bitcoin in 2016 as it already in well ahead of all major assets in terms of growth rate this fiscal year.
The 50 SMA is staying atop on the wider 100 SMA on the daily chart preserving the upside tendency in the long haul. Bitcoin prices have been floating above 750 and constant progressive advances toward the level beneath 800 since the beginning of the month. With flat trading on major fiat currencies outside USD, these divert more interests to Bitcoin. With the current relentless rally, more bulls are expected to join in the crowd with high anticipation of BTC/USD price breaching the decisive target of $1000 to $2000 mooted by some financial experts. The rising buying interest can provide further expansion of BTC bull. However, the hyped rally will not be a straightforward vertical affair as overheating condition allures will prompt selling activities into the mix. Bitcoin price could set sight on the next upper region of $915 before the $1000 key psychological level.
Stochastic Oscillator is well-placed inside the overbought area, that implies buyers are ready to step in to test the exhausting bull. This could force to price to short term reversal, likely to the support price levels of $750-800. Given its robust fundamental, bargain hunters should pick up the dip at this zone thus mooting the downside.
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