Bitcoin will rise to 12 thousand dollars, if the bullish cycle will repeat

Today, the price of Bitcoin reached a new annual high this morning, the cryptocurrency was able to grow to the level 9325 dollars. A few hours had a pullback, but the bulls still managed to gain a foothold above the line $ 9,000. Given the strength of the uptrend, testing the resistance at the level of 10 thousand dollars can happen in the near future.

The General situation looks like this:

  • BTC has managed to overcome a line of $ 8,500, which was the beginning of a new wave of growth;
  • on a scale of 4-hour chart has formed another uptrend with the next support point of $ 8650;
  • in front of the bulls there are almost no obstacles on the way to 10 thousand dollars.

At the moment Bitcoin is trading at the level 9084 dollars. Over the past 24 hours, the coin’s value has increased by almost 5 percent.

Technical analysis

This week was very fruitful for investors in the main cryptocurrency. Bitcoin has formed a good support level in the area of $ 7,500, which was the basis for a new wave of growth of the asset. A few days later, he successfully broke through the resistance area $ 8,500, and finally set a new annual high.

Those who were afraid of a correction of BTC, I was wrong — the growth of cryptocurrencies greatly aroused the interest of most investors, so they do not miss the opportunity to purchase Bitcoin at any significant pullback.

Source: TradingView

While we recommend you follow the lines and 8780 8800 dollars. They coincide with the 0.236 Fibonacci level, which could pave the wave growth 9027 8020 to dollars. This new support bullrun in the long run. The next goal of the bulls right now is the line of $ 9500, so to achieve it is quite possible to open a small long. Another major long positions should be opened after breaking through resistance at 10 thousand dollars.

What will be the growth of Bitcoin?

Trader under the name Flood has previously warned the community about the dangers of selling shares short during a rising market.

We are now very close to the border of the current trading zone (8450-6800 dollars). Anything above 8800 dollars, will cause a chain reaction and eliminate the large number of short positions with leverage above 20x.

Another cryptanalyst red found several common features between the current price movement of Bitcoin and its behavior in April 2018. According to the planned scenario, the cryptocurrency will be able to achieve line of 12 thousand dollars by the end of July.

So five-digit numbers in the cost of BTC now remained question time. There is a very high probability that we will see 10 of thousands of dollars per Bitcoin by the end of this month. Not to miss the main bullrun in your life, subscribe to our cryptcat of hontarov!

SUBSCRIBE TO OUR CHANNEL IN THE TELEGRAM. THERE’S MORE INTERESTING NEWS.

Leave a Reply

Your email address will not be published. Required fields are marked *