BITCOIN PAST $8000, STILL LOOKING BULLISH

Bitcoin is currently trading at $8200, gaining 3.1% within a day. It has gained almost 20% within a week and is at its highest level in the last two months. Speculation that a bitcoin ETF will be approved by the US Securities and Exchange Commission in August has also boosted sentiment in the market, over the past one month. In addition, South Korea blocked anonymous bank accounts from engaging in cryptocurrency trading earlier this year, a move widely seen as positive for the cryptocurrency industry. This has also increased investor interest in Bitcoin. The market has been continuously gaining strength over the previous three trading sessions. Other cryptocurrencies like Ethereum, Ripple are also trading with gains, in the current trading session.    

On the technical front, the RSI is currently at 71.45% and suggests that the market may head upwards. The %K has crossed the % D from below to the upside at 87.95%, and this suggests that the market may continue trading sideways.

Trade Suggestion Limit Buy At: 8100, Take Profit At: 8200, Stop Loss At: 8050

 

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