Coinbase CEO Brian Armstrong believes that rising cryptocurrency prices will generate massive wealth for the crypto investors in the 20s. His friends, Olaf Carlson-Wee and Balaji Srinivasan expect Bitcoin's price to reach $200,000, due to which more than half of the world's billionaires will be from the crypto space.
In 2019, Bitcoin's price largely remained in a range during the first quarter and made a decisive move in the second quarter.
Our bullish view will be invalidated if the price turns down from the current level.
The price might climb up to the moving averages, which will act as a resistance.
A breakout of the moving averages might carry the price to $100 and above it to $121.427.
Traders can buy at the current levels and keep a stop loss of $38. If the price struggles to break out of the moving averages, the stops can be trailed higher.
If the bulls can push the price above the 50-week SMA, the traders can buy the remaining position as suggested in our previous analysis.
The relief rally in the past two weeks has carried the price to the top of the $227.01 to $192.52 range.
If the bulls can push the price above $227.01, the BCH/USD pair might move up to the 50-week SMA and above it to $306. Therefore, traders can initiate long positions as suggested in our previous analysis.
We will wait for the price to rise above $1.025 before turning positive.
Top-5 Cryptos This Week: BSV, XMR, ETC, BCH, LEO
Published on Jan 5, 2020
by Cointele | Published on Coinage
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