Bitcoin Price Sunday Surge of 9%
For the best part of the past day, Bitcoin price 0 0 has remained range-bound between $7,250 and $7,400. It broke out of this channel a couple of hours ago during the Asian session and surged 9 percent to hit $7,920 according to Coinmarketcap.com . Daily volume had trailed off by half over the past few days but had already started to ramp up this morning.
Just yesterday it appeared that Bitcoin was taking a breather , possibly poised to drop back to major support zones. A number of prominent analysts were eyeing $6,400 or lower for a possible retracement. At the time of writing, this looks unlikely as the bulls have taken control of the markets again.
CNBC got it completely wrong as usual by posting a head and shoulders chart implying that a big drop was imminent. The counter trading indicator did not go unnoticed by those on crypto twitter. Twitter crypto market analyst, Josh Rager, wrote :
.CNBC calling head & shoulders… And I really wanted to buy the dip down to low to mid $6ks. Was a clear counter indicator as Bitcoin is starting to pump.
The next move for BTC is likely to be above $8,000 again with huge resistance at $8,200 where it reached during the week. Rager added that a close above this price on the daily/weekly would be very bullish with the next targets being upwards of $9,000. He specified $9,600 adding;
There will be resistance along the way and could take more than a few days even if the daily/weekly closes above $8216. Weekly volume looks amazing.
$BTC – Weekly Chart
To clarify, why $9600 is because this is viewpoint from higher time frame charts
There will be resistance along the way and could take more than a few days even if the daily/weekly closes above $8216
Weekly volume looks amazing pic.twitter.com/6xM6zmwrd9
— Josh Rager