Tuesday, January 18, 2022
HomeCrypto NewsThursday's Market Minute: A Santa Claus Rally For Bitcoin? | Benzinga

Thursday’s Market Minute: A Santa Claus Rally For Bitcoin? | Benzinga

Bitcoin is in the course of a essential vary as this shortened Christmas buying and selling week attracts to a detailed right this moment. The cryptocurrency futures contract has traded in a comparatively tight vary in latest weeks, as soon as once more in a zone between about 46,000 and 52,000 since its 6% gap-down opening on Dec. 6 after a extreme weekend sell-off within the underlying product. This is acquainted turf for /BTC; each strains have usually been each help and resistance as value fluctuated all year long, and Volume Profile exhibits particularly heavy buying and selling motion inside this vary.

There are a few indicators that might recommend a yr’s-end rally is brewing for /BTC. The Parabolic SAR registered a bullish crossover on Tuesday and the MACD did the identical yesterday, each of that are sometimes thought to be indicators of upside momentum. However, it additionally did not reclaim the 200-day Simple Moving Average yesterday and is buying and selling beneath most different main shifting averages.

If the crypto can get away of its vary to the upside, it nonetheless has to push via the resistance confluence of the yearly Linear Regression Line and the 63-day Exponential Moving Average close to 53,350. For help, be careful for the final of the key shifting averages that continues to be to the draw back, the 252-EMA close to 44,350.

Image Sourced from Pixabay

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