Bitcoin hit its highest levels in more than three years on Thursday as bitcoin ETF is set to receive approval. Here is my Bitcoin monthly technical analysis.

24 February, AtoZForex – The digital currency Bitcoin U.S Dollar surged 4.55 percent to $1,173.24 on Thursday and hit its highest level after three years. This occurs due to speculation that the first bitcoin exchange-traded fund (ETF) set to get approval from the U.S. financial regulator. The BTCUSD surged about 17 percent this year and advanced 4 percent more on the day to hit the all-time high of $1,163 per bitcoin.

Bitcoin monthly technical analysis

Three ETFs that track the value of bitcoin have been filed with the U.S. Securities and Exchange Commission for acceptance. My monthly target for BTCUSD is $1320-1350. The technical indicators and moving averages signify strong buy for the BTCUSD on the monthly basis. Most noteworthy, the relative strength index is 79.646 which is ‘BUY’ and STOCH(9,6) display value of 60.018 which means neutral. According to Moving average convergence and divergence analysis MACD (12,26) value is 162.640 gives ‘BUY’ signal. In addition, the ultimate oscillator indicator display value of 71.071 which again signify ‘BUY’. The ATR(14) shows the BTCUSD is highly volatile and value is 145.59.

The simple moving average for a period of MA200, MA100, MA50 and MA20 is 107.89, 215.79, 429.66, 555.94 respectively. All the moving average gives ‘BUY’ signal. Furthermore, the Fibonacci support and resistance levels are S3 560.77, S2 712.44, S1 806.13 and R1 1109.47, R2 1203.16, R3 1354.83. All the indicators display ‘BUY’ signal and the index is highly bullish in the mid-term and long-term.

Digital currency analytics firm Cryptocompare CEO, Charles Hayter, said.

“If approved this would certainly give a dramatic condoning of bitcoin by the authorities and powers that be.” “Perhaps key would be the institutional money which would flow into bitcoin. This would bring a certain amount of stability eventually but could see short-term exuberance by retail traders.”

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