Published on November 16th, 2017 | by bitcoin0
Bitcoin movies back above dollar 7500 suggesting new highs 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.