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The BTC Price Could Rise Again!!
Yesterday, we discussed the chances of a short term correction in Bitcoin from the $6,636 high against the US Dollar.
The Bitcoin price did correct lower and traded below the $6,500 support area.
The bears were able to push the price below the 23.6% Fib retracement level of the upward move from the $5,850 swing low to $6,636 high.
Besides, there was a break below the $6,400 level, but the price remained well bid above the 100 hourly simple moving average.
It seems like the bulls protected the 100 hourly SMA and the 50% Fib retracement level of the upward move from the $5,850 swing low to $6,636 high.
The price is currently rising and trading above $6,300.
There is likely a bullish flag pattern forming with resistance near $6,420 on the hourly chart of the BTC/USD pair.
If Bitcoin surpasses the flag resistance and gains pace above the $6,450 level, there are high chances of a strong increase.
The next key resistance is near the $6,600 level, above which the price is likely to gain bullish momentum above $6,640.
In the mentioned bullish case, the bulls are likely to aim a test of the $7,000 resistance.
CZ Talks Bitcoin Price After Halving, Coronavirus and Binance Decentralization Changpeng Zhao, known as CZ — the man behind Binance, one of the largest cryptocurrency exchanges in the world — took part in Cointelegraph China HUB, an online interview column started by Cointelegraph China.
“It’s hard to define the year 2020 with three words. If I must pick three words, I would say: challenge, opportunity and decentralization. The year ahead will be a mix of challenges and opportunities as the industry takes one step further toward the future of decentralization.” – CZ
“The global outbreak of coronavirus does affect certain industries and has caused many countries to lock down. Industries like traveling, tourism and hotels are greatly affected in the short term. However, it also creates opportunities for industries like medicine, health care, online education, etc. Among market activities, great attention has been given to the circuit breaker incidents of the United States stock market. As part of the global financial market, the crypto market has also been volatile for the past couple of days.” – CZ
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
Show Notes / Resources:
Bitcoin Holding Crucial Support: Here’s What Could Propel it to $7K
https://cointelegraph.com/news/not-april-fools-trump-hints-at-9-oil-after-accidental-bitcoin-plug