Today, the Bitcoin rate has reached its maximum level since May 2018, setting another year-high. Currently, the main cryptocurrency is trading at $8,762. On the night of May 27th, Bitcoin price reached $8,958, just under $9,000. Technically, the picture shows that the growth will continue, but we should keep in mind that after such an upward impulse the price may get adjusted.
The EMA50 is above the EMA100, and both points will act as local support at $8,276 and $7,964, respectively. Further support levels are near $7,400 and $7,000.
On the day timeframe the buy signal also remains. The EMA50 ($6,587) is located above the EMA100 ($4,925). If the price consolidates above $9,000, the next targets will be $9,600 and $10 000.
It’s too early to discuss the causes for Bitcoin growth, but we can make an assumption. Yesterday, a number of mass media outlets (not just cryptocurrency ones) wrote about Facebook’s readiness to issue its own cryptocurrency. The project named Globalcoin will go into testing in 2019, initially just in several countries.
In April, Zuckerberg discussed the prospects and risks of the cryptocurrency payment system with Mark Carney, head of the Bank of England, as well as the US Treasury and money transfer services, including Western Union. However, there have been no official statements so far from Facebook: as before, journalists will get information from the mass media outlets.
We are pleased with news that another giant is about to adopt cryptocurrencies – it was reported yesterday that Samsung had begun preparations to add cryptocurrencies to Samsung Pay. The company transferred the work of the blockchain group, previously involved in adding a digital wallet to the Galaxy S10, from the mobile unit to the service one. News about the cryptocurrency business progress in the Korean corporation appeared in early May.
We will detail all these and other developments in our weekly news digest already on Tuesday.
If you have made a good profit – we recommend you to fix a part of it, as there is now a possibility of price correction and consolidation.