$BTCUSD Forex Signal: Major Spike in Volatility BITCOIN
analysis a couple of days ago that the support level at $26,687and the resistance level at $27,874 were likely to be strong.
I was wrong about the resistance level, so this was not a very good call. We saw strong upwards price movement over the day. The price continued to rise yesterday, again testing the resistance level which I had identified at $30,030 before falling back sharply right at that peak. Over this time,This is partly due to an increase in institutional analysts seeing Bitcoin as having already put in a major bottom which is now going to hold for some time.
We now see less bullish and more ranging price action on abnormally high volatility, suggesting we are going to see the price chop around and probably consolidate today on high volatility.I think a long trade from $28,740 while being quite to take profits especially at the first resistance level, could be the best trade to set up today.Concerning the US Dollar, there will be releases of Advance GDP and Unemployment Claims data at 1:30pm London time.
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