Bitcoin could be heading towards new highs

2018-10-08

Bitcoin is looking both fundamentally and technically strong.
The currency has bounced off a key technical area that
indicates that the trading price might be heading north.

Technically
Bitcoin is trading higher inside an ascending channel and after the bottom of
a long-term triangle held once more. If the bullish pressure continues,
Ethereum World News believes that Bitcoin could break out of its current
trading level.

Least resistance on upside
The 100 SMA signals that the path of least resistance is to the upside and
suggests that the resistance is more likely to break than to hold. If Bitcoin
succeeds in establishing a candle closing past the $6,600 mark, Ethereum
World News thinks it could be enough to have buyers push the price above
$7,000.

Fundamentally – Bullish statements
The fundamental picture is improving for Bitcoin after recent news flow. This
week, CFTCs President J. Christopher Giancarlo said that cryptocurrencies
are here to stay. Twitter’s CEO Jack Dorsey also spoke about the potential for
cryptocurrencies, when he highlighted how it could solve problems for
countries still struggling to establish their own fiat currencies.

Google reverses crypto ad ban
Another strong trigger for Bitcoin in the near future is that Google has
reversed its ban on Bitcoin and ICO ads, likely leading to a pickup in general
interest. The decision is a huge deal and a step in the right direction for
cryptocurrencies as a whole, as we approach a general acceptance of the
sector.

EWN: https://ethereumworldnews.com/bitcoin-btc-price-analysis-another-bullish-breakout-attempt/

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