Source: Forex Analysis
Bitcoin has been quite non-volatile and impressive with the recent bullish momentum which pushed the price to reach $8,400-8,500. After the huge drastic fall from $9,000, such a rapid rally indicates strength of buyers.
Bitcoin and the overall cryptocurrency market have been able to find some stability after the latest surge which may be a bullish sign. It points to the possibility that BTC price is on track for news highs in the near future. The latest surge appears to be bulls’ latest attempt to maintain the upward momentum it has gained over the past couple of months. Investors are betting on further gains in the short term.
Total capitalization of the crypto market is currently marginally higher than this time yesterday by $262 billion. Markets are still range bound. It is unlikely to see any bigger moves until Bitcoin breaks out. From the technical viewpooint, BTC price has maintained a proper 20 EMA and bullish Trend Line carries along the way since the bounce from $7,500 with a daily close.
The price consolidated earlier and made some false breaks along the way. However, a break above $8,000 provided information about the bullish bias in the market. The price is currently at the verge of breaking above $8,500 with a daily close. If it happens during the weekend, the price is expected to reach $9,000 next week with strong impulsive bullish momentum building up for the target towards $10,000 area.
SUPPORT: 7,500, 7,800, 8,000
RESISTANCE: 8,400, 8,500, 9,000
The material has been provided by InstaForex Company – www.instaforex.com