Bitcoin has experienced a great deal of growth this year, and analysts say that Bitcoin isn't even close to being finished yet. Currently, Bitcoin is struggling to break the overhead resistance of 8400. However, most traders have their sights set on 10000.
Recently mobile carrier AT&T announced they would accept Bitcoin. Customers can now use a service called BitPay, a service that helps businesses accept Bitcoin, to pay with cryptocurrency. “We have customers who use cryptocurrency, and we are happy we can offer them a way to pay their bills with the method they prefer.” says Kevin McDorman, vice president of AT&T. Although the number of customers who will pay with cryptocurrency will likely be small, adoption is growing, and AT&T's seal of approval is a bullish sign.
Tech giant Facebook is also set to bring about their own cryptocurrency in 2020 that is reportedly a stable coin and has been dubbed "Globalcoin". On Friday Facebook said that they are planning to bring the cryptocurrency based payment system to "a dozen countries" by the first quarter of 2020, and are interested in starting trials by the end of this year.
BTC/USD
Bitcoin is currently trading on a strong uptrend: Both moving averages have a positive rate of change and the Relative Strength Index is in positive territory. While Bitcoin has faltered at the overhead resistance of $8400, the support level at $7400 has also held strong.
A breakdown of the $7400 support will result in Bitcoin sliding to $6400, this would be the first sign of falling momentum, and would likely be followed by a long period of consolidation. On the upside, if Bitcoin breaks past the $8400 resistance then it is free to rise to $10000.
For the time being, Bitcoin is likely to remain rangebound between $7400 and $8400 until the next breakout occurs. Indications of an incoming breakout would likely be a Bollinger Squeeze or traveling along the 20-day EMA.
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