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.
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.
That has been a pretty accurate prediction. Bitcoin's ceiling is indeed just under $8000 for now.
The price didn't actually reach $7700 but rather had some resistance at $7400 that stopped it from going up. After that there was essentially a flash crash that took it down under $7000 again. Well said in the article, selling on any price surges for the moment is definitely the go-to strategy if you are a day trader. If you're a long term holder, don't let these short term price movements bother you.
We may see another attempt at breaking the $7000 barrier today or tomorrow, but if it doesn't happen by tomorrow I think we may see some further decreases in price before finally hitting the bottom.