Published on November 16th, 2017 | by bitcoin0
Bitcoin hits $7500 again. Records High in Sight?
Having taken the 61.8 percent Fibonacci retracement level yesterday, the world’s largest cryptocurrency by market capitalization rose to eight-day highs above $7,520 today.
However, the sell-off was cut short near $5,500 by the 50-day moving average (MA) on Nov, 12.
Then, yesterday, a move above $7,000 improved the odds of a continued rally to record highs above $7,800.
The 5-day MA and 10-day MA have bottomed out, courtesy of the sharp rally above the $7,000 mark.
With 61.8 percent Fibonacci hurdle well and truly behind us, bitcoin looks set to possibly test $8,000 levels.