Bitcoin Price Retests $8,000 Following 21.37% Drop – Is $11,000 Next?
Bitcoin has made a come back following three days of depressive price movements that led to a 21.37 percent drop.
The worlds leading cryptocurrency started Sunday while trending in positive territory. The assets rate against the US dollar surged by circa 11 percent to settle a session high at $8,041 on Coinbase exchange. The move brought approximately $12 billion to the bitcoin market, with maximum influx coming from Tethers stablecoin USDT. Nonetheless, the uptrend slowed down ahead of the European session, hinting that a downside correction might still be underway.
Josh Rager, a prominent cryptocurrency analyst, saw the bitcoin price breaking a critical resistance level. The US-based market expert said the asset is looking to close above $8,216 in near-term to validate an extended bullish bias. He predicted that bitcoin would establish an upside target of $9,600 or more.
Bitcoin certainly looks to be pumping, now over previous resistance, said Rager. Price is near $8000 & looks to be heading toward the $8200 1D resistance (might consolidate prior). A close above $8200 on the daily/weekly would be very bullish and would target $9,600 [or beyond].
$BTC – 1 Hour Chart
Bitcoin certainly looks to be pumping, now over previous resistance
Price is near $8000 & looks to be heading toward the $8200 1D resistance (might consolidate prior)
A close above $8200 on the daily/weekly would be very bullish and would target $9600+ pic.twitter.com/8S1qmjR56e
Parabolic Trav, a cryptocurrency analyst, known for his graphic market narratives, too noted a strong bullish bias in the bitcoin market. The market expert treated bitcoins 2015 parabolic move as a guide for the assets ongoing price movements.
Theres lots of play in the curvature, but this push weve had was earlier in the bottoming process than 2015 and pushed it up faster, said Parabolic Trav.
Using 2015 channel formation as guide for 2019. Something similar? There's lots of play in the curvature, but this push we've had was earlier in the bottoming process than 2015 and pushes it up faster. pic.twitter.com/LTqyQw5wja
— ParabolicTrav (@parabolictrav) May 17, 2019
Crypto investment guru DonAlt predicted a similar future for bitcoin. The analyst noted that the asset was looking to close above a substantial resistance area, as shown in the chart below. Nevertheless, he said the bitcoin market would remain bullish as long as it holds above $6,400, a level with strong credentials as resistance during bitcoins uptrend sentiment.Read full story on NewsBTC