Bitcoin had recently experienced a pretty significant bounce from a low of $6515. The digital asset has continued this path for the last week and saw a 4% price increase again today after positive news from Germany.
Germany’s new proposed law intends to allow banks to sell cryptocurrencies and Bitcoin to their customers.
‘Starting in 2020, financial institutions will be able to offer their customers online banking, virtually at the touch of a button, along with classic securities such as stocks and bonds, as well as cryptocurrencies’
states Handelsblatt, leading German business newspaper.
Current Bitcoin Action
The bulls are dominating the daily chart right now and they have been able to break above the 12-period EMA with pretty significant trading volume. They are now looking to break above the 26-period EMA as it is the only resistance nearby until $9147.
The 4-hour chart is in a clear and healthy uptrend right now and the bulls are currently consolidating before the next leg up. So far, the bulls have been able to maintain the RSI under the overextended level.
The weekly chart has now changed as the bulls have nullified the existing bear flag. However, they are not out of the woods yet as this could simply be another lower high followed by a leg down in the upcoming weeks. The trading volume for this week will be the highest we have seen since July.