Just when the bitcoin market is been looked down on by some of those in the financial sector, Bitcoin Price Holds above $8000 on Friday.
24 November, Swissquote – Bitcoin prices continued to consolidate for another day as the market focuses on Ethereum for the past 24 hours. This started a period of correction and consolidation in the Bitcoin market and thus influenced the prices lower towards the $8000 area before a small bounce due to some strong buying led the prices to move higher into the $8200 area.
Bitcoin Price Holds above $8000
The prices are expected to continue to consolidate over the next 24 hours as well as the market adjusts itself for the next phase of the bull run. The next phase could carry the prices toward the $8500 region and beyond, as the technical outlook predicts.
Bitcoin Price Technical Outlook
• Bitcoin is trading sideways around $8000. The technical structure shows a tremendous positive short-term momentum. Hourly support is located at 5605 (13/11/2017 low). Strong support stands very far at 2975 (22/08/2017 low). In the short-term, the digital currency should continue rising.
• In the long-term, the digital currency has had an exponential growth. There are decent likelihood that the asset will reach $10’000.
This article ‘ Bitcoin Price Holds above $8000 ‘ was written by Yann Quelenn, Market Analyst at Swissquote.
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