If you're closely monitoring Bitcoin's movement, then you must be aware of the fact that Bitcoin has dropped by $300 recently to $7880 and then climbed back to $8100 in an hour. This move by Bitcoin was to test the bottom for Bitcoin which it supposedly did and held. If Bitcoin remains Bullish for next few hours, we can surely expect further Bullish movements from Bitcoin in coming days.
What could be the possible target of Bitcoin?
Well, let's have a look at Bitcoin's chart to understand all the possible scenarios in which Bitcoin can move:
As you can see in the chart, Bitcoin is trading above $8100 and looking quite Bullish after testing $7800 level, Since 48 hours, Bitcoin was trading completely sideways and a breakout on either side was inevitable.. So, Bitcoin dumped by $300 and tested $7800 and then climbed back within an hour or so.
Now let's analyse the possible scenarios:
- Bitcoin is trading above $8100 which was a key support level before BTC broke it and dumped to $7800 level. Now BTC is holding $8100 again and if it moves up from here, the next level of resistance would be $8295 and then $8500.
- $8500 is a solid resistance which BTC has to break in order to turn Bullish again. 200 MA line also indicates resistance around $8500 level.
- If Bitcoin dumps from current level, then next support level would be $8100, then $7850.
- If we look at the volume of market, then it crossed $17 Billion again which is a Bullish sign and we can expect a major move in Bitcoin in next few hours.
So, if you're trading Bitcoin, then have a close eye on it and use tight loss for each of your trade.
Thanks for reading ...!!
