Bitcoin today subordinate a slow and steady upside correction, trading above $6700 levels from the previous week bottom at $ 6,248.39. Will Bitcoin Survive and gain momentum from this point?
27 August, AtoZ Markets – Bitcoin is on the way for a reversal that might boost the prices and hopefully push them above the $7,200 level. Technically, a tall order gauging by the way Bitcoin buyers are struggling to build momentum that would thrust and sustain them above $7,000 – a buy trigger line. On the fundamental side, the sentiment is finally shifting and Bitcoin shifting towards the bullish level. On the fundamental lane, sentiment is finally shifting after the SEC ETF denial review. Sooner more shorts would exit as buyers enter the market stuffing the foundation for the next wave.
Will Bitcoin Survive & Surpass the Next hurdle?
Bitcoin or BTCUSD, after the troubled last week survived to surpass the $ 6500 handle. At the time of writing BTCUSD is trading above the $6,700 level according to BitFinex. In the last 1 Week the price has moved by $ 298.63 (4.65%) with a total volume of over $ 2.83 Billion. The highest price, $ 6,890.79 , was on Wednesday, 22 August 2018 (5 days ago). The lowest price, $ 6,248.39 , was on Tuesday, 21 August 2018 (6 days ago). Currently, the BTCUSD trades are on range bound mode. The traders might enter the markets once the BTCUSD gains above $7,000 level. According to the daily charts, chances are high that the bulls might build on last week’s momentum and surge above $7,000 mark.
The 100 Simple Moving Average is far above the longer-term 200 Simple Moving Average on the weekly charts which signify that the path of least resistance is to the upside. According to Fibonacci retracement charts, the BTCUSD pair crossed 78.6 % Fibo. retr. zone and trying to move above further $6700 levels from the past few days. This signals that the traders are willing to buy Bitcoin. On the upside, if the BTCUSD pair remains stable above the $6700 level than an upward pull towards $7000 could be seen in coming days. As of now, I’m highly optimistic for the Bitcoin and targeting a bullish pull towards $7000- $7200 in coming days, if the fundamentals keep supporting.
- The relative strength index(14) value is nearby 50 which means Bitcoin is Neutral.
- The CCI(14) valued at -31.21 which signify “Neutral”.
- The MACD(12,26) – selling signal in weekly charts.
- Moreover, according to ATR(14) indicator, the Bitcoin is Less volatile.
BTCUSD Weekly Pivot Points
The Bitcoin has a significant weekly support near $6350 level and resistance near $7000 level.