DayOfCrypto
  • Home
No Result
View All Result
DayOfCrypto
No Result
View All Result
DayOfCrypto
Home Other
bitcoin-reclaims-support-level-as-analysts-eye-further-gains

Bitcoin Reclaims Support Level as Analysts Eye Further Gains

by Admin
October 19, 2019
in Other
289 3
0
Share on FacebookShare on Twitter

After struggling to break above $8,000 for the past several days, Bitcoin was once again able to find some support within the upper-$7,000 region that held strong and allowed BTC to move back up above $8,000.

Analysts are now noting that the cryptocurrency may climb higher in the near-term but are also noting that a resistance level that is just a short way above BTC’s current price may halt this fleeting rally and send the crypto plunging back below $8,000.

Bitcoin Climbs Above $8,000, But Bears May Soon Return 

At the time of writing, Bitcoin is trading up roughly 1% at its current price of $8,030, which marks a slight climb from its daily lows of $7,900 that were set overnight just prior to its early-morning surge towards $8,100.

This slight surge further confirms the long-established notion that the upper-$7,000 region is a strong region of support, as BTC as consistently found notable buying pressure in this region.

It is important to note that the lack of follow through from buyers who have been holding the support level at $7,800 may point to an underlying weakness for the cryptocurrency.

Big Chonis, a popular cryptocurrency analyst on Twitter, noted in a recent tweet that he believes Bitcoin will climb slightly further in the near term before it reaches a point of resistance that sends it reeling lower in the near-term.

“$BTC – Happy Saturday… a little more up before a bit more down,” he explained while pointing to the below chart.

$BTC – Happy Saturday…

… a little more up before a bit more down… #bitcoin pic.twitter.com/JKe3VqfLjK

— Big ChonisFlux Trading Group (@BigChonis) October 19, 2019

BTC May Be Caught in Possible Ascending Triangle

The Cryptomist, another popular cryptocurrency analyst on Twitter, explained in a recent tweet that she believes Bitcoin could be caught in an ascending triangle on a higher time frame, which could prove to be a bullish sign for its mid-term price action.

“$Btc 2hr time frame: Sym triangle on RSI – Present on multiple time frames. Possible ascending triangle on 2hr here. We could see a breakout within 9hrs towards 8.1k…the falling wedge resistance, where things could get even more interesting for bulls,” she explained.

$Btc

2hr time frame
Sym triangle on RSI – Present on multiple time frames
Possible ascending triangle on 2hr here

We could see a breakout within 9hrs towards 8.1k ..the falling wedge resistance, where things could get even more interesting for bulls pic.twitter.com/TiftKDJMqb

— The Cryptomist (@TheCryptomist) October 19, 2019

The coming few hours and days could further elucidate Bitcoin’s mid-term trend, as its long period of consolidation around $8,000 may soon come to an end.

Featured image from Shutterstock.

The post Bitcoin Reclaims Support Level as Analysts Eye Further Gains appeared first on NewsBTC.

Admin

About Us

We bring you the best Premium WordPress Themes that perfect for news, magazine, personal blog, etc. Check our landing page for details.

Follow Us

Popular Tag

Adoption Banks Binance Binance Coin Bitcoin Bitcoin Cash Bitcoin Price Bitcoin Regulation Bitcoin SV Blockchain Central Bank China Coinbase Crimes Cryptocurrencies Cryptocurrency Exchange EOS Ethereum Ethereum Price Facebook Germany Government Investments Japan Law Libra Litecoin Markets Market Update Mining Payments Regulation Ripple SEC Security South Korea Stablecoin Stellar Switzerland Tokens Tradings Transactions USA Wallet XRP

Recent News

Poloniex Review – Buy and sell cryptocurrencies, Bitcoin, Registration, Safety, Reference

Poloniex Review – Buy and sell cryptocurrencies, Bitcoin, Registration, Safety, Reference

November 8, 2020
Bitstamp Review – Buy and sell Bitcoin and cryptocurrencies, Registration, Safety, Reference

Bitstamp Review – Buy and sell Bitcoin and cryptocurrencies, Registration, Safety, Reference

November 8, 2020
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2021 JNews - Premium WordPress news & magazine theme by Jegtheme.

No Result
View All Result
  • Home

© 2021 JNews - Premium WordPress news & magazine theme by Jegtheme.

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Go to mobile version
Skip to toolbar
  • About WordPress
    • WordPress.org
    • Documentation
    • Support
    • Feedback
  • Log In
  • AMP
    • View AMP version