BTC has been rallying since the bottom at $6,600 is confirmed. Now that price has moved to above $7,300 with strong expansion in volumes, we may say that an effective counterattack has been initiated, making it mostly likely for bulls to challenge the resistance at $7,700 in the short term as price holds great chances to continue moving upwards.
If you take a close look at how price moves on daily chart you will find that a minor floor will be formed during a certain period, besides, price will continue dipping after rallying to the resistance provided by last floor whether rally receives support from volumes or not.
Thats the reason why I believe $7,700 will be the ceiling after price has been forming another floor in the past 4 sessions, now its easier to tell how BTC will move in the short term.
We believe price will correct higher to $7,700 to $8,000, selling on surges is recommended if the overall trend remains intact.
We may also say that bounces are the root cause for lengthening bear circle as price will continue dipping after every rally during overall downtrend.
Original by Kuang Ren, translated by AICoin Jami.
I hope that it will increase in a bit because if it will fall even more the market value of Bitcoin might have a hard time to recover. The increase might be for a short term and dumps will eventually happen after few days but that's already something to look forward with that increase is still possible to happen. Since we don't know what will happen next, investing and holding is advisable due to the volatility in the market.If you take a close look at how price moves on daily chart you will find that a minor floor will be formed during a certain period, besides, price will continue dipping after rallying to the resistance provided by last floor whether rally receives support from volumes or not.
Thats the reason why I believe $7,700 will be the ceiling after price has been forming another floor in the past 4 sessions, now its easier to tell how BTC will move in the short term.
We believe price will correct higher to $7,700 to $8,000, selling on surges is recommended if the overall trend remains intact.
We may also say that bounces are the root cause for lengthening bear circle as price will continue dipping after every rally during overall downtrend.
Original by Kuang Ren, translated by AICoin Jami.