Bitcoin Surge Ignites Right-Hand Base Development
Bitcoin has been trading around its 200-week moving average for much of the summer, and some long-term buyers have been waiting for this level to buy in. The past few days have seen a significant surge in price, which may be the start of the development of a right-hand base.
This base is forming from the decline in Bitcoin's price last summer, and it's likely that it will take another year or two before it reaches its previous highs around $125. In the short term, however, traders can expect Bitcoin to continue trading between $65,000 and $83,000.
Meanwhile, other leading indices are heading lower, with a 'bull trap' confirmed in some of them. The MACD, On-Balance-Volume, and +DI/-DI indicators have all triggered new sell signals, indicating that the trend may be reversing.