Bitcoin Price: Bulls Driven by China as Weekly RSI Nears 2013-Levels
Last week’s article stated: The bull trend continues to look very strong. 13 of the last 15 days have been green leaving the price as of this writing at US$340. The indicators all remain overbought and extremely elevated. A blowoff top seems to be forming but that can take the price much higher than here. As noted, when the indicators start to diverge from price, it could be a top forming for now that has not happened. As the chart below shows all the indicators are at yearly highs. Price has also moved out of the top of the Bollinger Bands, which shows it’s moving into an extreme....
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Around mid to late 2013, the bitcoin world started waking up to an interesting realization: bitcoin growth wasn't being driven by the typical finance and tech centers of New York, London or Silicon Valley. In fact, China was playing the more significant role. At that time, exchange BTC China had already posted the record-high bitcoin price of $308 (CNY equivalent) in April 2013 and was surpassing Mt Gox in trade volumes. Chinese factories were cranking out mining machines and the country's residents were downloading more bitcoin wallets than anyone else in the world. In November, China was....
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