Bitcoin Has Gone Bullish | Potential Next Stop Would Be $7800
Finally, the moment which people were awaiting has finally come by us. Bitcoin, which nearly dumped to the bottom last week, has now risen to $7500, an almost 11% increase in a single day. The whole sentiment has turned Bullish and Bitcoin's order book is now showing more Buy orders than Sell Orders.
The major resistance has now broken i.e. $6800 and now BTC is flying among $7000 range.
So, what would be the potential movement of BTC?
Let's find out:
If you look at the chart below, we can clearly see that Bitcoin is now trading way above where it was trading yesterday. Breaking $6800 resistance was a game changer for Bitcoin and it broke that support with volume. Following the last 2-3 days price movements, it was highly likely that Bitcoin would break that resistance.
- Now, Inverse H&S pattern has been played very well and now it has completed as you can see in the chart above.
- Next line of resistance would be the major trend line at which we have found resistance back in April and May 2018. According to the trendline, If BTC goes Bullish from current level, the next resistance would be around $7800.
- Daily BTC volume has now breached $17 Billion with BTC dominance of 43%
- After today's wild BTC movements some consolidation is due and BTC might pull back to some extent.
- A test of $6800 is also expected but highly unlikely.
So, trade with stop loss as we're still in long-term downtrend and until we break $11300 level, we can't tell for sure that current Bullishness in BTC will last for how much long.
Thanks for reading ..!!
Very good analysis and yes we all can be happy that the cryptomarket achieved some positive movement in price terms. I can see the 7800 - 8000$ as a good target but from there another correction is highly possible. Lets cross fingers for more :-)