Will Bitcoin breach another key resistance before the week ends or have the bulls run out of gas?

  • 06 July 2019, Saturday, 14:00

Another week in the cryptocurrency market is coming to its close and predictions with regards to Bitcoin’s price continues to draw out new situations for the king coin. Over the last seven days, BTC did not exhibit any significant price movement as the valuation consolidated between the range of $10,700 and $12,000. The price had closed below the immediate resistance of $11,510 last week and the community speculated that BTC’s price might test the $9200 range again.

However, that was not the case as Bitcoin surged by 16 percent on 3rd July, pushing its worth back above $11,000. According to Josh Rager, a notable crypto-trader, when BTC closed above the resistance of $11,470, it turned it into support before the 4-hour chart closed down.

The community observed that the present week was the first in the recent bull run which recorded minimal price movements, making any prediction over the direction of its price movements difficult.

The weekly support was currently placed at $10790 and it was suggested that BTC might take a bearish turn if its price closed below it at the end of the week. The weekly high which BTC was not able to breach over the past seven days was $11,967, a key resistance since Bitcoin plummeted below $12,000. It was suggested that if Bitcoin closed above the current key resistance, a bullish turnover could surface next week and have BTC retest a high of $13,800.

There has been a lot of discussion about the direction Bitcoin is currently proceeding on and many have speculated that a parabolic ascent has taken over the asset, beginning in April and peaking on June 26th.

CNBC had also reported that the correction witnessed over the week were “important lows,” advising investors to go long on Bitcoin investments right now.

Source: ambcrypto.com