Cryptocurrency

Analyst: This individual price level could lead Bitcoin to a “gloomy” price action

After the retreat from the recent volatility in Bitcoin remains in the Macro balance. The leading crypto-currency is not deviated in the last two to three weeks of a bandwidth of 7% and in the last two months, not from a bandwidth of 15%.

A breakthrough of Bitcoin under $8.600 is this change supposedly.

An Analyst has this level on 10. July, as a identified, the need to keep the crypto-currency, so the bulls remain in control.

Analysts: Bitcoin needs to keep the range of $8.500

A crypto-Trader, says: It is for Bitcoin is essential to keep the range of $8.600-8.900 in the coming months, otherwise it risked a “dismal” collapse.

The Analyst, by reference to the following diagram:

“It is very important that this $9,000 to be kept level in the next few weeks and months, if we go at the end of the ATH level, and again this want to return. I think if we were to fall from here, cancel, and among the 8.600$, then we may be heading, in my opinion, quickly on a downward trend and an unpleasant price action experience.“

$8.600 is of importance, because it is the level of Bitcoin in the past two months, twice rebounded and has prevents breakage.

Macro-BTC-analysis of the Trader “The Crypto Cactus” (@TheCryptoCactus on Twitter). Graph of TradingView.com

The forecast of the Traders is similar to that of block roots-co-founder and crypto-Trader Josh Rager.

Rager that would make a break Through the 8.500-Dollar mark BTC this summer, “long” for cops. Referring to the diagram below, he commented:

“The margin of BTC is clear. The current support has stopped in the past three weeks, the breakthrough of the middle of the Trading range here, and the price will probably reach the $8900-brand, followed by the $8500 mark at the lower end.“

Chart of the price action of BTC in the last few months, and Josh Rager (@Josh_rager on Twitter). Graph of Tradingview.com

8.600 dollars are, of course, not $ 8,500, but the important thing is that the prices in this area are of technical importance.

The bulls have control?

With so much movement in the Region between 8,500 and 8,600 dollars is it worth asking whether the bulls can maintain this level. On this question, the analysts are currently divided on the issue.

The consensus seems to be that BTC is bearish from a technical analysis perspective. From a fundamental perspective, BTC is bullish.

A Trader has found the beginning of this week that the price actions of Bitcoin in the past two months are almost identical with those of the February highs. This analysis predicts that the asset will learn in the coming weeks a strong correction.

Bitcoin analysis (February vs. now) of crypto-Trader “Nebraskan Gooner” (@Nebraskan Gooner on Twitter). Graph of TradingView.com

Fundamental factors, however, that Bitcoin will continue its rise to continue.

The US Dollar has started, compared to the world currencies and to lose compared to precious metals such as Gold and silver in value. Since the beginning of the year, the precious metal has risen by 20% and is approaching high to its all-time high.

Analysts say that Bitcoin will benefit from a weakening of the US dollar and a strengthening in the gold price. Finally, the digital asset has value because of its scarcity, and other precious metals with similar properties as “digital Gold”.

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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