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Fidelity Investment, one of the largest asset management companies (AMCs) across the globe, will launch a new service to transact Bitcoin for its institutional clients as per the sources of Bloomberg report.
However, we are yet to get the clarity of whether Fidelity would be rendering spot market trading services, or just over-the-counter (OTC) solution, or a liquidity aggregator to its clients.
Whatsoever be the matter, amid this constructive news, Bitcoin bulls have managed to break-out $5,755 levels which acted as strong support (now stiff resistance, refer weekly chart for intermediate trend).
BTCUSD has now approached the critical resistance between $5,755 and $6,856 levels, considerably high volatility could be expected outside the channel.
Most noticeably, the pair break-out this stiff resistance with a stern bullish engulfing candle in the minor trend, ever since then the prices are constantly spiking above DMAs (refer daily plotting).
The rallies have now reclaimed at $6,325 mark upon the above-stated bullish patterns, while all technical indicators still substantiate the prevailing upswings.
Bullish engulfing patterns have occurred at $4,922.10 on daily, and at $4,071 and $5,238 levels on weekly plotting.
Well, these bullish engulfing patterns are coupled with bullish EMA & MACD crossovers signal upside price traction as the current price breaks-out stiff resistance & spikes well above 21-DMAs and EMAs.
Both momentum oscillators (RSI & Stochastic curves) show upward convergence to the current upswings that indicate the intensified buying momentum (on both timeframes).
Overall, after 2018’s bearish streaks, the pioneer cryptocurrency has begun to consolidate of late. Foreseeing further rallies on cards and major uptrend to resume in the long run, it is wise to capture minor price dips to construct long build ups for the medium term targets up to $6,814 levels with a strict stop loss of $5,395 level (spot reference: $6,249).
Currency Strength Index: FxWirePro's hourly BTC spot index is inching towards 105 levels (which is highly bullish), while hourly USD spot index was at -115 (highly bearish) while articulating (at 05:43 GMT).
For more details on the index, please refer below weblink: http://www.fxwirepro.com/currencyindex
