3 reasons why bulls think the $ 8,800 Bitcoin rally is not over
Bitcoin bulls (BTC) don’t seem to be lowering the pressure. In recent hours, the price of the leading cryptocurrency has skyrocketed again, only touching $ 8,800 minutes ago at the time of writing this article.
With this latest upward momentum, Bitcoin has recovered by 30% from the previous lows around $ 6,800. And in the last 24 hours, BTC has recovered by 8%.
But according to a series of indicators, the recovery is not yet complete.
Bitcoin price explodes more, analysts expect more profits
First, Mohit Sorout, a partner of Bitazu Capital, said that with the latest uptick of BTC on the rise, it has overcome the two key downtrend resistance that has limited price action over the past seven months. Not to mention that the indicators of relative strength index (RSI) and volume in equilibrium (OBV) of one day have overcome similar downtrend, suggesting that a greater advantage is imminent.
Second, Financial Survivalism, a pseudonym cryptocurrency trader who called the continued explosion of BTC prices when Bitcoin was at low $ 7,000, said the Ichimoku Cloud, a kind of all-in-one indicator that shows points and trends of key prices, is “totally optimistic”, with the indicator printing three different signals that suggest that prices will be appreciated.
These three signals are a Kumo cloud break, a Kumo cloud upside and a TK bullish cross
And finally, the alternative currencies have been going up more, with the Satoshi Vision hardfork, for example, literally earning 100% in recent days. Ethereum has also exploded higher, trying to redeem himself after the heartbreaking 2019 he had, during which he actually recorded a loss.
Strong gains in altcoins should drive Bitcoin to a higher level, as in 2017 and 2018, when the two cryptocurrency market segments closely correlated with each other in most cases.
Key resistance overload
However, there are key resistances above. The operator BigChonis said that BTC has just touched the upper limit of a channel that has defined the price action for seven months. The cryptocurrency should break above this level and confirm it as support if recovery is maintained.
Disclaimer: This press release is for informational purposes information does not constitute investment advice or an offer to invest. The views expressed in this article are those of the author and do not necessarily represent the views of infocoin, and should not be attributed to, Infocoin.