Price Commentary - Bitcoin - 21st February 2019

Commentary by Jackson Zeng, COO Caleb & Brown

Bitcoin: USD $3,922 (as of 21 Feb 2019)We saw another spike this week of 11% from $3550 all the way up to $3970. Bitcoin has managed to break out of both the 50 day��SMA and��EMA (green, purple), as well as the descending trend line (orange).

The price is currently sitting just below the $4000 mark, 6% above the EMA. We�۪re also noticing 6 consecutive green candles, which is the longest sustained short term rally since July 2018. It is rare to see 7 or 8 consecutive green candles so a possible scenario may be a red close on 21st or 22nd before retesting the $4000 mark and seeing if we can break up higher. This lines up with the RSI of 70 indicating brief entry into the overbought territory. We�۪re looking forward to the next few weeks to see if sustained volume can help identify a reversal in mid and long term trends.Whether you are new to the market, or a seasoned trader, Caleb & Brown can help to realise your goals. Call us on +61��1800 849 149�� or Contact Us to discuss further.

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