Bitcoin was forecast to rise to $9000 in the next few weeks on last Friday. What the truth is that it rose more than $1100 yesterday, with the highest intraday volatility of $1268.
The price trend Yesterday is not only tested the key resistance level of $9000, but also filled the gap of March 9.
On the daily chart, Bollinger Bands just opened, and K-line is in the rising channel。
Daily level trend is bullish.
The 30 minute chart shows that the price was in the uptrend channel and lasted for a period of time. And the price fell after deviating from the channel. At present, the short-term support is at $8700, and the resistance is at $9000. In the next few days, we will focus on the price for whether if it can effectively break through $9000.
Market fundamentals also supported Bitcoin’s bullish:
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Both Bitcoin and Gold are considered hedge assets and are expected to reap the most benefits from the recent market turmoil triggered by covid-19, Bloomberg said.
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As central banks around the world inject trillions of dollars into the markets, 2020 may be the year for the Bitcoin becomes the new digital gold in the digital economy.
Trading suggestions:
Make long position when the price fell to $8700 and the target was $9000.