After convincingly scaling a key movement earlier today, Bitcoin is looking forward to a change in fortunes about $6,800.
Currently, Bitcoin is changing hands at a six-day high of $6,600 on Bitfinex this is up 3.44% on the day.
However, the virtual currency remained bid over the weekend and rose to $6,400 which was expected despite the low participation by investors. Prices rose above $6,300 on Saturday however, now trading numbers dropped to just over $2.90 billion USD, this is the lowest level since the start of last November.
On Thursday, Bitcoin his a low of $6,080 however, Bitcoins recovery to $6,600 has boosted the low on the chart which is a bullish setup.
Prices seem to be looking like they’re going to test the endurance of the current $6,838 price. What this means is that Bitcoin are on the right track to being on the right side of the neckline.
Nevertheless, it is wise to be careful in this market as the digital currency looks like it could be ‘overbought’.
The RSI (relative strength index) is the highest it’s been in months, which means that the currency has being bought a lot more since the end of April this year.
Adrian has been leading teams in the finance sector for over a decade. He is highly experienced, and is responsible for ensuring that the latest news is delivered to you as it is breaking. He has a keen interest in virtual currencies, and has even made investments himself, so is incredibly passionate when it comes to writing about this topic.