Still bullish, bitcoin to retest US$16,500 resistance

BITCOIN first began trading in 2010 and has since experienced many episodes of wild swings to the downside. Crashes of up to 50 per cent were a norm in the early days of bitcoin, but all the early moves were almost negligible compared to the current price of bitcoin.

Each asset class behaves differently to different indicators and parameters. Our study has shown that the 100-day exponential moving average appears to be the dividing line between the long-term bulls and the long-term bears. The general rule of thumb, at least for bitcoin, is if the price is above the 100-day moving average, then the uptre…