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Technical Analysis
Daily Market Analysis By FXOpen
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[QUOTE="Resolve, post: 198991, member: 29339"] [B]NO SIGNIFICANT RESISTANCE ON BITCOIN’S PATH TO $100,000[/B] Bitcoin will continue the rally that started in August, and after successfully breaking through the psychological resistance level of $50,000, it could further grow to reach $100,000 with minimal resistance, says Bloomberg's analyst and strategist Mike McGlone. “After enduring a gut-wrenching correction, we see the crypto market more likely to resume its upward trajectory than drop below the 2Q lows. What could stop Bitcoin and Ethereum from achieving record highs in 2H may be the more elusive question. Increasing demand and adoption are facing diminishing supply,” McGlone wrote in his report. Meanwhile, JPMorgan analysts have warned the investors about the “frothy-looking” crypto markets and unstable prices over the long term. They have also noted that the factors boosting the BTC price include continued interest from institutional investors and the general public. The chart seems to confirm this optimism. An inside bar with low volumes was formed on Saturday, and on Sunday, the price rose paired with increasing volumes. Taking into account the decline in activity typical for a weekend, we see an indication that the market is more interested in rallying than balancing around the 50k level. [B]FXOpen Telegram Channel[/B] [/QUOTE]
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