The price of Bitcoin looks ripe for an attempt to break past the all time $1350 high on Western exchanges. In fact, a significant segment of the market is extremely bullish with forecasts as high as $1400, $1600 and even $2000. Since the sharp sell off to $891, after the $1350 pre-ETF announcement high, price has been going up in zig zags to a high of $1243 on Europe’s largest licensed exchange Bitstamp as at writing this . On Bitfinex, bitcoin is trading at a $90 premium, clocking a high at $1326!
Since last week’s analysis, price retraced from its $1229 peak to a low $1141, bouncing off the 30 day EMA on the 12 hour chart. A second bounce off this moving average line held at $1150 before 2 consecutive impulsive moves up to $1244 on Bitstamp and $1327 on Bitfinex.
But there is more than meets the eye.
For starters, the premium on BitFinex since last week, has worsened. Bitfinex announced on 17th April, they would be pausing USD wire deposits to the exchange. This was after the April 13th USD outbound withdrawal delays. BitFinex staff assured traders that the problem