Bitcoin has been appreciating over the last week and has developed positive aspects to its daily chart. It green 5-day exponential moving average has crossed above its orange 10-day exponential moving average (black circle) and its RSI has moved to the positive side of 50 (green rectangle). This may be a dip in a larger uptrend and the longer the RSI maintains above 50, the more momentum support the cryptocurrency will have.
The cryptocurrency has appreciated as a general risk-on sentiment has grown and will react to the FOMC rate announcement tomorrow. In this regard, it is anticipated that yields will decline over the course of 2024, which should provide a tailwind to the risk market, including cryptocurrencies.
Senior Market Specialist
Russell Shor joined FXCM in October 2017 as a Senior Market Specialist. He is a certified FMVA® and has an Honours Degree in Economics from the University of South Africa. Russell is a full member of the Society of Technical Analysts in the United Kingdom. With over 20 years of financial markets experience, his analysis is of a high standard and quality.