Bitcoin gained its momentum back
Major resistance level could push Bitcoin price lower
Bitcoin, the king of cryptocurrency has waned its popularity if you compare the sentiment to where it was back in December 2017. The biggest question among investors is if the cryptocurrency would make a comeback? Well, technically, speaking as long as the February low remains intact, the path of the least resistance is firmly skewed to the upside. The trade volume on any downward is decreasing and this is more of a positive sign for the Bitcoin price because as a trader you want to see the volume fading on any downward move. A break of 15K would really send the signal that cryptocurrency is back in the business but we are far off from that level for level.
Moreover, the fall in Bitcoin transaction has also a lot to do with the ban of the Bitcoin adds on Facebook. However, we have seen a sift of platform, as the number of adds for ICO and Bitcoin on Instagram and on Twitter have increased.
On the regulatory front, the new wave of bullish momentum arrives amidst the former FDIC Chief making a plea to authorities not to ban cryptocurrencies and Credit Suisse starting to use block chain to make payments. Bitcoin has raced back above the $11000 mark. This is a critical area as traders have failed to break above the 11K mark and we will be watching the price action closely.
