Cryptocurrency

Bitcoin holds over $9,500 – Top Trader sees further massive boost to the top

Bitcoin has yesterday experienced a remarkable recovery that allowed the Asset, the resistance in the center of the 9,000-Dollar-Region to break through.This happened shortly after the Ethereum published outbreak rally, which the crypto-currency from the bottom of the 240-Dollar to highs of 270 US brought dollars.It now seems that bitcoin’s medium-term prospects by this recent movement to significantly improve.An Analyst notes that BTC could be well positioned to recover to a higher level, if he can continue to hold, 9,500$.Another Analyst notes that cops are to bear in the advantage, as long as Bitcoin holds over 9,300 dollars.

After they had consolidated over a longer period of time at 9.300$, to be able to build the Bitcoin bulls a second leg to stand on, which made it possible for BTC to reach all-time highs of almost 9.600$.

This movement came about after a long sideways movement, after the recent breakthrough of the asset over its Trading range between $ 9.100 and $ 9.300.

Where BTC developed next, now depends on his reaction to 9,500$. If bulls can turn this level into support, this is likely to catalyze considerably further Momentum, which brings the Coin and possibly as much as the next crucial resistance mark at $10,000.

A breakout below this level, however, could catalyze a sharp downward trend.

Bitcoin remains strong over $9.300

At the time of writing Bitcoin is trading at a price of 9,500 dollars. This is a remarkable increase compared with the first a few days ago, observed all-time low of 9,100 $.

The recent increase came after the cops were able to 9.300 $ to a level of support to handle.

Analysts have noted that BTC remains in solid bull territory, as long as the buyers defend this level of support.

One Analyst explicitly points to the increasing Open Interest and the positive financing as two of the factors to be considered – and that the buyer must continue to defend 9.300$:

“The BTC-financing is in most Swap markets, again mostly positive. The Open Interest increased in the last two days, a nice recovery. About 9300 people hold him better, nothing is for sure“

BTC could be primed for a significant boost to the top

Another Trader, and Analyst, believes that Bitcoin is now well-positioned to climb considerably higher.

He aims, in particular, a Test of the local peak levels of the crypto-currency, which lie somewhere between 10,000 and 10,500 dollars.

“BTC HTF Update: It’s not hard to be here bullish as long as the purchaser of this level of $9500 to defend for the Rest of the coming week, I think we will see a re-Test in the direction of the local highs. There is currently no way to see this as bearish, the LTF seems to be $9500 S/to show R upside down“

The coming days will be crucial for a better understanding of the medium-term prospects of Bitcoin.

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.

Do NOT follow this link or you will be banned from the site!