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Bitcoin Price Chart Signals Higher Prices But at a Slower Pace

Bitcoin Price Chart Signals Higher Prices But at a Slower Pace

2018-02-14 11:30:00
Nick Cawley, Strategist
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Bitcoin News and Talking Points

- The cryptocurrency market continues to steadily re-coup recent losses.

- Bitcoin’s technical set-up paves the way for the market heavyweight to push higher.

Cryptocurrency Market Capitalization Grows in Settled Fashion

The market pullback from the recent lows of February 6 is characterized by a steady uptrend with little wild volatility associated with the space. All digital coins are higher in healthy turnover with any set-backs seemingly being used by traders to enter into new, or additional, long positions. The lack of any negative news is helping the push higher while a recent blog post from Microsoft suggesting that it will use Bitcoin as part of its plans to develop decentralized identities (DIDS) using blockchain technology may have also provided a positive boost.

Top 10 Cryptocurrencies by Market Capitalization in US Dollars – February 14, 2018

Bitcoin Price Chart Signals Higher Prices But at a Slower Pace

Bitcoin (BTC) Price Chart Producing Higher Lows

The updated BTC price chart shows positive momentum building in the digital coin. A series of four ‘higher lows’ in a row is a positive sign while the stochastic indicator confirms this recent trend. Ahead on the chart a zone of resistance between $9,300 and $9,900 nears with a clear break of this signaling a move to the 61.8% Fibonacci retracement level at $10,971. These upside targets may take a while to be hit as the overall pace – volatility – of the market has slowed which may provide better downside protection if the market falls back.

Bitcoin (BTC) Price Chart in US Dollars(October 28, 2017– February 14, 2018)

Bitcoin Price Chart Signals Higher Prices But at a Slower Pace

Cryptocurrency Trader Resources – Free Practice Trading Accounts, Guides, Sentiment Indicators and Webinars

If you are interested in trading Bitcoin, Bitcoin Cash, Ethereum, Ripple or Litecoin we can offer you a wide range of free resources to help you. We have an Introduction to Bitcoin Trading Guide along with a Free Practice Account. In addition we run a Weekly Bitcoin Webinar and have an IG Bitcoin Sentiment Indicator to help you gauge the market and make more informed trading decisions.

--- Written by Nick Cawley, Analyst.

To contact Nick, email him at nicholas.cawley@ig.com

Follow Nick on Twitter @nickcawley1

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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