Bitcoin continued to rise on Tuesday, breaking through the 50,000 point and the current price is at US$51,460. Brazilian legislators proposed a draft aimed at making Bitcoin a legal payment currency. United Bank of America plans to announce bitcoin custody service. US SEC Chairman: The SEC has no plan to ban cryptocurrencies. IMF President: 110 countries are studying digital currencies. Data: In the third quarter of this year, venture capital companies invested approximately $17.8 billion in crypto industry companies.
From a technical perspective, the daily graph closed bullish continuously, breaking through the key resistance point of the previous period and is currently under pressure from upper BOLL Band. H4 graph shows that Bitcoin formed upper ladder, BOLL turned upward, MA formed Golden Cross. Indicators show bullish signs. Overall, prioritise Buy. The chart below is showing the key point and the estimated trend, the deciding point whether to buy or sell is near 50000.
Resistance：52000-53000-55500
Support：50800-50000-48000
This material is from Quant Tech Limited and is being posted with permission from Quant Tech Limited. The views expressed in this material are solely those of the author and/or Quant Tech Limited and BTCDana is not endorsing or recommending any investment or trading discussed in the material. Before acting on this material, you should consider whether it is suitable for your circumstances and as necessary, seek professional advice.