After the strong move last Thursday, the leading cryptocurrency is now stable at $6,583, correcting after yesterday’s surge. Yesterday’s rally to over $6,800, however, ensured that the crucial EMA support remains intact at $6,200 which is an increased support line for the most dominant cryptocurrency.
At press time, Bitcoin can be bought for $6,730 on Bitfinex, clocking a high of $7,788 yesterday. The 21-month EMA is located at $6,160 as well. In other words, this means that the bear market may have run its course – as prices are trading above the 21-month EMA for Bitcoin.
However, a bullish reversal is still possible as we have seen before, even despite the crucial EMA support and its (encouraging) surge. Some analysts even predicted a Bitcoin price surge in early 2019, which will be mostly driven by the EMA support factor as well as the bearish continuation which will apparently break at some point, according to the analysts.
All in all, it is safe to say that Bitcoin (BTC) is the most popular – and largest – cryptocurrency, which has risen 150,000% from its introduction back in July 2010.
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