Bitcoin Levels to Watch as $100K Remains in Sight

1 hr 4 min ago

Bitcoin (BTCUSD) has given up some ground this morning but still sits on the precipice of surpassing the $100,000 mark for the first time.

The cryptocurrency was at $97,500 in recent trading, after hitting a high around $99,800 on Friday afternoon.

Since Donald Trump’s decisive election victory on Nov. 5, Bitcoin has surged around 40% amid expectations of a crypto-friendly administration and Congress.

The cryptocurrency’s price has recently broken out from a pennant pattern, signaling a continuation of its strong bullish move. 

A bars pattern, which takes the trending price bars that preceded the pennant and repositions them from the pattern’s top trendline, projects a price target of around $118,000. Investors should watch important support levels on Bitcoin's chart around $93,000 and $70,000.

Read the full technical analysis here.

–Timothy Smith

Futures Point to Higher Open for Major indexes

1 hr 37 min ago

Futures tied to the Dow Jones Industrial Average were up 0.7%.

S&P 500 futures were up 0.5%.

Nasdaq 100 futures were also up 0.5%.

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