Is a bottom in Bitcoin finally here? If not then where? I have been saying that Bitcoin’s bottom would occur between $17,800 - $13,000 for an entire year now, ever since we came off of our new all-time high last November.
The bottom in Bitcoin that held for two years was taken out as prices eroded to new lows starting on November 8th. From the open on Nov.8th to the low on Nov. 9th Bitcoin’s price declined by $5,000, nearly 25% in two days.
As far as payment portals go it has been roughly two years since a large-scale payment solutions company hopped on the Bitcoin bullet train. Yesterday MoneyGram announced a new cryptocurrency service that allows customers to buy and sell Bitcoin (BTC), Litecoin (LTC), and Ethereum (ETH) on the company’s mobile app.
This week Bitcoin broke out of the descending triangle that had defined its price action since the end of May. The top of the upper resistance trendline of this formation was tested on three separate occasions on the first week of June, in mid-August, and in mid-September.
YesterdayBitcoin entered a well-received rally that took the world’s first digital currency back above $20,000 for the first time since mid-September when it briefly moved above $20,000 helped along from hype surrounding the Ethereum merge.