Each week, the Coinme Private Client team sends a weekly email, highlighting the top industry news and stories. Included in that email is “This Week in Bitcoin”, your guide to the state of bitcoin.
Last week, Bitcoin surged over 40 percent in the last few days after Chinese President Xi Jinping said that his administration would embrace blockchain technology. Now, BTC is at a pivotal point that could lead to new yearly highs or a correction to $9,000 or lower. Based on its 3-day chart, Bitcoin appears to be trading within a descending parallel channel that formed since Sept. 26 following the peak at $13,800. Under this time frame, every time this cryptocurrency reaches the bottom of the channel it bounces off to the middle or the top. But, when it reaches the top, it falls back to the middle or the bottom. A spike in volume could lead to a breakout, which will validate a major bull flag that is developing on BTC’s 3-day chart. This is considered a continuation pattern that formed after an upward movement that took Bitcoin to nearly $14,000. Want to learn more and follow “This Week in Bitcoin”? Contact the PCS Team and talk to your personal Private Client Services Advisor today. It’s FREE to start the conversation. Subscribe to the PCS weekly newsletter and enter your email by clicking here.