Hello traders, Bitcoin also breached its critical support level of $6000, what do you think where it is going to stop?
Can Bitcoin sustain its rally?
Bitcoin and other cryptocurrencies such as Ethereum and Ripple have risen sharply over the past few days, most notably on Monday and Tuesday. It doesn’t feel like it but Bitcoin has risen nearly 30% from its lowest point in June. Sentiment has been boosted by a number of positive developments including news that BlackRock, the world’s biggest asset management company, is looking to invest in the digital currency. Of course, this is not the first time we have seen such a big rise only for the downward trend to then resume. But could it be different this time? The short answer is that it is far too early to say. Only when Bitcoin makes a distinct higher high can we then talk about a longer-term low.
Still, as a result of the rally, Bitcoin has broken a few levels of resistance which may be an indication that the bulls are regaining some control, at least in the short-term anyway. It is worth pointing out that they also successfully managed to defend the long-term support at 6000 after the bears tried and failed to push it below that barrier on several occasions. Thus, if BTC/USD were to make a higher high now then things could get really interesting. The most recent swing high is still miles away around $9950, which means the bulls have some work to do.
Indeed, there are several resistances that need to be tackled first, starting at $7500 which was being tested at the time of this writing. This level had been support and resistance in the past, so a bit of hesitation to go above it makes perfect sense. An additional level of resistance comes in at around $7800 where an untested broken support meets the top of a triangle pattern.
Meanwhile support comes in at $6800, which is the most recent broken resistance level. Here, we also have the 50-day moving average come into play. Thus, should Bitcoin pulls back to $6800, it is very important that the bulls defend their ground here, otherwise the bearish trend could resume.
Source: TradingView and FOREX.com
Bitcoin extends rebound
by Fawad Razaqzada
Bitcoin has risen further higher today, climbing for a time above $8350 – its best level since May 21. As a result of the rally, BTC/USD has broken even more short-term resistance levels. This is an indication that the bulls are regaining control, at least in the short term. But whether or not we will see any 2007-style moves remains to be seen. However, the good news is that the technical picture is looking increasingly less bearish which could help to boost confidence of the would-be buyers, bringing in more buying pressure in the days to come.
Among the bullish technical indications that can be easily observed on the chart of BTC/USD are:
- Break above two short-term bearish trend lines
- Price being above the 50-day moving average
- Short-term resistance areas at $6800 and in the $7500-$7800 range have been broken
- Long-term support at $6000 held after several tests
Given the above points, if BTC/USD were to make a higher high now then things could get really interesting. The most recent swing high is still miles away around $9950, which means the bulls have some work to do. Still, with key resistances broken at around the $7500-$7800 range and also at $6800, there are now at least a couple of big levels that could support prices on any short-term pullback. But should Bitcoin falls back below $6800, then the bullish bias would end and we could see a subsequent breakdown below that long-term support at $6000.
Source: TradingView and FOREX.com
Good read. Currently at $8364. Where are we headed? I keep expecting to see a pullback of double-digits… but no.
Profit takers will show their faces very soon! They always do.
Bitcoin has ascended advance higher today, moving for a period above $8350 – its best level since May 21. Because of the rally, BTC/USD has earned back the original investment all the more here and now opposition levels. This means the bulls are recapturing control, in any event for the time being. Be that as it may, regardless of whether we will perceive any 2007-style moves stays to be seen. Nonetheless, fortunately the specialized picture is looking progressively less bearish which could help certainty of the eventual purchasers, acquiring additionally purchasing weight in the days to come.
If Bitcoin breaks $10k properly, then another bull run will come.
Not on my charts it didn’t 6800 was about as high as it got - I hope you got a nice big “Short” on it !
this thread needs more activity