Bitcoin [BTC] is continuing to hold support above $11,000 and rose steadily during the weekend to gain about $400. The price of Bitcoin at 4: 15 hours UTC on 8th July 2019 is $11.419. It is trading 3.63% higher from Friday.
According to Tone Vays, Bitcoin is looking strong for a reversal but it is still in the no-trade zone. Break above the 62% or a break below the 38% Fibonacci levels from its All-Time high will be critical indicators according to him. The Fibonacci Resistance and support are at $13,346 and $9441 respectively.
Tyler Jenks, who had recently suggested that Bitcoin could break bearish from hyper-wave analysis, is suggested similar sentiments as Bitcoin is looking to break above the trendline near $12,400.
Moreover, on the 4-hour Chart Bitcoin has been forming lower highs at the moment. Hence, is imperative for Bitcoin to break this trend to reach new yearly highs. Moon Overlord, a chart analyst tweeted,
The one thing that’s concerning to me about # is the consistent lower highs in this market structure
Moreover, Bitcoin is also testing attempting to break resistance above $11,650 which is a bullish signal. B.Biddles, crypto-analyst, and trader turned has expressed bullish sentiments because of this trend, he tweeted,
Here’s why I’m still bullish. First time we crossed this resistance, we got rejected to 10.3. The next time, 9.6 (lower lows, bearish!). But wait — what’s this? — the next time, 10.75, and now, today, 11.0. We keep retesting resistance. Reactions get less and less severe.
B.Biddles target for Bitcoin is currently $16,000. Furthermore, Peter Brand also suggested extreme volatility in Bitcoin as it comes towards the end of the parabolic phase. According to him, it could either break to down to $5900-$6000 levels or could begin another parabolic move above $12,046.
Nevertheless, another leading analyst Sawcruhteez still held a bearish view. According to him, Bitcoin could “return to 4 figures within the next 48 hours.” He stressed on the following market indicators,
1st weekly Stoch sell signal since Dec 17
Overbought W ADX
Bearish TK Cross on D cloud
4h Bear channel
Since the margins of error are tight in the current range traders must take absolute cautions.
Will Bitcoin [BTC] break above its All-Time high in 2019? Please share your analysis with us.
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Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com