$10,000 – Is Bitcoin Easy Money?

Well, Bitcoin’s weekly graph says it all. The stratospheric rise of Bitcoin to within a whisker of the $10,000 level, muted as a dream and even a fantasy by many people back at the beginning of January and during the current year. That fantasy has now become the reality.

The velocity which Bitcoin has raced up the charts has left even seasoned market observers reeling. Since it stalled in the spring, before starting its climb in July, the cryptocurrency has been virtually unstoppable.

The gap between the 21-day EMA (blue line) and the closing prices has widened – as well as the gap between the 55-day SMA (green line). Both of these indicators provide very strong resistance levels for any retracement, which is bound to occur once the $10,000 target will be achieved. Profit-taking, and worry that the momentum will have gone out of Bitcoin at this stage, will be the main reasons for this subsequent fall.

As usual, any retracements to these two support levels should be seen as buying opportunities.

The 21-day EMA, in particular, is around the psychological $5000 level. Many experts believe that this is the amount investors and miners will fight to maintain the minimum value of Bitcoin.

Should this level fail, the 55-day SMA is slightly above the $2500 level, which was seen as resistance, then support, back in the spring. All of which means Bitcoin shows strong resilience and is unlikely to crash to zero anytime soon.

A quick look at the daily chart backs this up.

Of course, it mirrors all of the comments above on the weekly chart, with the difference being the strength of the pulse signal and the positive DI indicators – these are even more pronounced here.

As for the fundamentals, these too remain strong. It is a win/win for Bitcoin that the price increase means more investors taking the cryptocurrency seriously – and the more people see investors taking it seriously and buying, the more the price increases.

Nikolay Storonsky, CEO, and co-founder of Revolute reiterated in an interview last week that Bitcoin was not a fraud, and several cryptocurrency services were being launched by his company soon.

The first real-time, P2P (peer-to-peer) payments app, for Coinbase users, is being rolled out by Digital Debit (part of Qondado). This will be the first direct challenge by Bitcoin to Zelle, Venmo, Square Cash, Western Union, and other real-time payment systems.

This new development scenario is playing out in other institutional investment circles too, with the news of Bitcoin’s demand has reached such a pace. If the demand continues at its present rate – Bitcoin’s mining electricity consumption will surpass all of the world’s electricity by February 2020. Now there’s a thought…

Noble Gold specializes in IRAs and 401(k) rollovers through precious metals and cryptocurrencies investments.