Bitcoin price news: Cryptocurrency price SWING – exponential moving average hints BULL run | City & Business | Finance


The world's leading cryptocurrency has been produced to convince bullish breakouts over the past four months.

Throughout 2018 BTC has set lower price highs, which suggest the direction of the least resistance to the downside, Coin Desk reports.

But a failure to beat a key support, the 21-month exponential moving average (EMA), hints the sell-off from the $ 20,000 (£ 15,350) price high reached in December 2017 may have run its course.

Following the indication from the failure to beat the current lower price high of $ 7,429 (£ 5,700) to pave the way for a bearish-to-bullish trend.

Hacked reported on Friday Bitcoin's price was on the verge of a major breakout.

The prediction came as a key momentum indicator crossed the Relative Strength Index (RSI) for the fourth time this year.

An analysis based on RIG.

When the last crossover occurred in mid-August, the digital asset experienced at 21 percent spike in value.

September 2018 was Bitcoin's narrowest monthly trending range since July 2017, according to Coin Desk.

September 2008 was the lowest since April 2017, based on one of the world's largest cryptocurrency exchanges, Bitfinex.

Periods of low volatility often reach to calamitous conclusion for the Fin Tech asset, particularly when accompanied by low volume.

These trends suggest the cryptocurrency is braced for a decisive move in either a bullish or bearish direction.

But bitcoin 's healthy price floor the market has a vested interest on the blues from falling any further – in another sign to bearish trend could be imminent.

Fundstrat's Tom Lee believes Bitcoin will finish the year on a strong note.

He said: "$ 6,000 (£ 4,600) is a level that is more important than we have realized.

"Earlier this year, we were pointing $ 6,000 (£ 4,600) as breakeven for Bitcoin mining so that level should hold.

"The fact Bitcoin is holding here is very good news.

"I think we're starting to reverse."

Cryptocurrency is a volatile asset and is subject to huge variations in its value.

Nicky Morgan, the chair of the UK's Treasury Committee, has described Bitcoin as a gamble, rather than an investment.

She said: "Bitcoin and other crypto assets in the wild west of crypto assets.

"This unregulated industry leaves investors facing numerous risks.

"The high price volatility, the hacking vulnerability of exchanges and the potential role in money laundering, the Treasury committee strongly believes that regulation should be introduced."

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