BitRss.com latest Crypto World News

Search and discover the latest Cryptocurrency updated Stories in Categories.

24-7 Cryptocurrency News about Blockchain, Technology and much more, only from Top Leading Sources.

XBT/USD Analysis: Bitcoin Re-ignited Bullish Wave Is Fixated On $9,000 – BitMEX Margin Trading

XBT/USD Analysis: Bitcoin Re-ignited Bullish Wave Is Fixated On $9,000 – BitMEX Margin Trading

Bitcoin retakes the support at $8,800 amid renewed bullish strength.
Resistance at $8,900 and $9,000 must come down for Bitcoin to avoid losses towards $8,000.

Bitcoin recently soared to higher levels compared to the ones traded at the beginning of the year. The price cleared several barriers including $8,900. However, the momentum lost its mojo before testing the resistance at $9,000. The correction that followed saw Bitcoin dive towards $8,500. Fortunately, immense buying pressure emanated from the support at $8,570 – $8,600 revived the bullish interest in the largest cryptocurrency by market capitalization.
The bullish momentum has already pushed XBT/USD above $8,800 and if it continues, Bitcoin is likely to return above $8,900. As far as technical levels are concerned, Bitcoin is back into the bullish phase experienced last week. The Relative Strength Index (RSI) is currently moving towards the overbought region. The upward motion is reminiscent of the ongoing recovery and cements the bulls’ position on the market.
BTC/USD 4-hour chart
XBT/USD price chart by Tradingview
Bitcoin bulls must break the resistance at $8,900 and focus on the levels above $9,000 to avoid another reversal. The failure to establish higher support, preferably above $8,900, will give Bitcoin bears a chance to revenge the battering they have endured this week.
As far as support is concerned, initial support is placed at $8,600 – $8,570. The zone at $8,400 – $8,400 is also standing out vital support. Meanwhile, the 50 SMA on the 4-hour chart will also cushion Bitcoin against the probable drop. The last resort to shield Bitcoin from making a return into the $7,000 zone is the 61.8% Fibonacci level.
Bitcoin Key Levels
BitMEX index price: $8,789
24-hour volume: $2.2 billion
Open interest: $878 million
Percentage change: 95
Relative change: 1.09%
Resistance: $8,900 and $9,000
Support $8,570 – $8,600 and $8,400 – $8,500.
The post XBT/USD Analysis: Bitcoin Re-ignited Bullish Wave Is Fixated On $9,000 – BitMEX Margin Trading appeared first on Coingape .

BitRss.com shares this Contents with License.

Thank you for Share!

   

Search Crypto News


BITRSS | CRYPTOCURRENCY WORLD NEWS

The latest Top News, from up to 70 Leading exponents of BlockChain, Bitcoin and different Accredited Crypto Currency Sources.

Since 2015, our Mission was to Share, up-to-date, those News and Information we believe to represent in an Ethical and sincere manner the current Crypto Currencies World: everything you are looking for, in one place!

We have always tried to give priority to the News; for this reason we have designed BitRss.com simple and intuitive, usable by all Devices, fast and effective.


| LEARN MORE ABOUT |

24h Most Popular News