Bitcoin Price Hits $8,150 in 3.5% Bounce; Can Bulls Push BTC Higher?
Bulls are finally back. After a few days of bearish price action, Bitcoin (BTC) has bounced higher, rallying from Saturday’s $7,900 daily lows to $8,175 as of the time of writing this piece. That move represents a 3.5% gain.
Altcoins have followed suit, with a majority of large caps like Ethereum and XRP also experiencing 2% to 4% bounces from yesterday’s low. Monero, BSV, and BCH, and 0x are experiencing larger gains of upwards of 7%.
What comes next for the cryptocurrency market will be important according to multiple analyses.
Related Reading: Bitcoin Price Fractal Suggests Repeat of September Drop, Is $7K Next?
Bitcoin Needs to Close Above $8,150
As pointed out by prominent cryptocurrency trader Alistair Milne, this move higher has allowed Bitcoin to break above a symmetrical triangle pattern that originated in mid-September. The triangle in question, per Milne’s analysis, was nearing its apex.
Bloomberg Analyst Explains Why Bitcoin Price is “Caged” by $8,000 to $12,000 Range
Thursday November 07, 2019
Bitcoin’s surge from $7,300 to $10,600 woke up cryptocurrency bulls after a long slumber. And as normal, bulls have pushed extremely bullish price predictions, calling for BTC and its ilk to surge much higher...
The post Bloomberg Analyst Explains Why Bitcoin Price is “Caged” by $8,000 to $12,000 Range appeared first on 12bitplay - Bitcoin Play.
Seems important?#btcusd #bitcoin pic.twitter.com/3tleHkbMi4
— Alistair Milne (@alistairmilne) October 20, 2019
Could Cash Restrictions in Malaysia Boost Crypto Usage
Tuesday November 12, 2019
Malaysia has joined a growing list of nations imposing capital controls on their people. Economic and geopolitical tensions are forcing governments to restrict the flow of money across their borders. As this is practically...
The post Could Cash Restrictions in Malaysia Boost Crypto Usage appeared first on 12bitplay - Bitcoin Play.
The chart implies that for Bitcoin to remain in bullish territory, it will need to close above the upper arm of the triangle, which currently sits at around $8,050.
Rekt Capital, has echoed a similar line. He remarked in a recent tweet that for Bitcoin to undergo a bullish continuation pattern, BTC will need to see a high-time frame close above $8,150. This was also corroborated by Data Dater, who said that as $8,150 is where Bitcoin’s 233-day moving average lies, a daily close above that level would implying 10% continuation to $9,000.
Early Bitcoin Adopter Supports Privacy Altcoin Grin
Tuesday November 12, 2019
The crypto market was born from cypherpunks hoping to disrupt the current monopoly over finance, and offer the world additional options that favored privacy and freedom. Bitcoin was the first of its kind, but...
The post Early Bitcoin Adopter Supports Privacy Altcoin Grin appeared first on 12bitplay - Bitcoin Play.
$btcusd facing resistance of 233 DMA at $8150. A daily candle close above that would be bullish. We'll then target the 200 DMA which is expected to be met around $9k.$btc $xbt
— (Stationary) Data Dater (@datadater) October 20, 2019
Fractal Predicts Dramatic Drop
While many analysts and traders have viewed this upward breakout in a bullish light, one noted that it fulfills a fractal that he has been tracking for a few days now.
il Capo of Crypto posted the chart below in the wake of the upturn, noting that Bitcoin’s current chart looks very similar to the move from $10,500 to $7,700, having seen a falling wedge breakout and having hit a number of key Fibonacci Retracement levels.
— il Capo Of Crypto (@CryptoCapo_) October 20, 2019
Capo notes that should the fractal play out almost in full, Bitcoin will peak at $8,350 in the coming hours, then fall at least as low as $7,500 in a massive red candle to the downside.
Related Reading: Too Obvious? Current Bitcoin Price Action Resembles $3,200 Bottom
Featured Image from Shutterstock
The post Bitcoin Price Hits $8,150 in 3.5% Bounce; Can Bulls Push BTC Higher? appeared first on NewsBTC.