Cryptocurrency

Analyst: Bitcoin is, in spite of its 20% rally is still in consolidation

Bitcoin has shown in the last few days, an extremely strong performance, and has increased in the last seven days by 20%.At the time of writing BTC at 11,250 $ traded, slightly below the local High of 11,500 $, and on the Tuesday Low of 10,600 $is.In spite of the outbreak of the assets value is among the key macro-economic levels of resistance.BTC needs to extend up and over certain price points hold, in order to confirm the next full-blown bull run, as some analyses believe.

Bitcoin has room to recover

A Bitcoin Trader has on 29. July the graph below shared, and commented that Bitcoin is in spite of the recent rally might still be in a Macro-consolidation.

The Trader for this purpose:

“The only long-term conservative Chart that interests me”

Therefore, Bitcoin has overcome the resistance at the macro level, it is still in a macro-economic consolidation, the area between 10,000 and 14,000 USD.

The $10,000 is, of course, a key psychological level that many traders watch. And a $14,000 is the peak of the bull market in the year 2019, together with the closing price of BTC at the end of 2017.

Macro-BTC-price analysis traders, the “Emperor” (@emperorBTC on Twitter). Graph of TradingView.com

When Bitcoin exceeds the 14,000 $brand, it could occur according to the analysis, in a period of parabolic progress, as it was in the last bull cycle of the case.

The importance of $14,000 for the bull case is confirmed by Rob Sluymer, the chief market technician at Fund Global Advisors joined. Fund a market research firm on Wall Street, the observed of the crypto-currency markets for quite some time is entered.

Sluymer to Bloomberg:

“We remain positive in relation to the total structure of Bitcoin and that Bitcoin will prevail as part of its longer-term bullish technical profile $10,000 to $10,500 for”

$13.800 to be the next resistance band, the BTC is facing.

Up to $ 12,000 are more important?

Other opinions suggest that the meaning of $14,000 for Bitcoin could be overrated, however.

Michael Van de Poppe, a crypto-analyst, the trade at the Amsterdam stock exchange, commented that the bullish threshold for him “probably 11.600-12.000 $” is. That is, the price region is located directly above the current price action.

“Yes, the threshold is probably $11.600-12.000. Lol, well, we have no significant levels over this area, so this is basically the last hurdle before all of the YouTube Influencer, will be finally right.“

Unfortunately, the cops of significant resistance that could stop the rally at $ 12,000.

A Trader on 30. July the graph below shared. It shows that sales contracts for a value of approximately $ 15 million (on Bitfinex) will prevent BTC from exceeding the limit at 11,500 dollars. Data from other exchanges were not disclosed.

Graph of Bitcoins most recent price movements, with the order book dominance bands of Traders “Coiner-Yadox” (@yodaskk on Twitter). Custom chart of trading Lite.

About the author

Eve Manning

Eve Manning

A native Texan, Eve first started out as a Finance Analyst and later realized that her true passion was not in trading but in writing. She leverages her experience in the Finance industry to analyse and write in-depth news articles covering the Cryptocurrencies, Economy & Finance industries.

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