Bitcoin Targeting $7000+?

in bitcoin •  6 years ago 

Hello traders.... After Bitcoin's explosive move up on Friday after CME June Bitcoin 4.30% contracts expired, we have watched price consolidate throughout the weekend. However, rather than a strong retracement down to the $6150 area, ultimately price has only made it to $6602 which is just beyond the 40.2% level. While not ideal, it is enough to produce momentum in the shorter term. It appears that support (the blue box) is stronger than was anticipated. The week's lowest volume came on Tuesday last week and it has continued to expand through the weekend as well.

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With a clear bullish flag on the 6 hour chart, the expectation is for price to rise and breach the channel resistance that has been in place for two months. This should unlock bullish momentum as price targets the $7100 area which also places price near the 2.618 extension. Currently, price has established a higher low and a higher high, indicating a bullish trend . While RSI is nearing oversold, OBV is targeting its own horizontal resistance, a break above which should be quite bullish . Watch for price spread to increase and volume expands on a move up.

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As I was writing this, price made the aforementioned move through resistance. Failure of the channel resistance to hold as support should see price falling toward the earlier expected $6150 level.

Love you cryptonations for love and support!
Will Bitcoin cross above $7000?
Let me know by commenting Below .

Thanks
Syed Eassa Zaeem
@zaeemsyed

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Good information

Looks like bitcoin is about to break higher & higher.

Yes for sure

@zaeemsyed This is a very good article Thank you very much for sharing this wonderful information
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Your most welcome buddy.

great artcle

Appreciate that

Nice blog Bitcoin surely reach the 7000$ if whale do not manipulate the market.

Yes for sure, whales should not manipulate much, they should think of long term gain instead of short.

@zaeemsyed May be you are right. I am also want market to comes up. Beacause of Bitcoin price my all investments are in loss

i think bitcoin will go down

It may go till $6400 then again up

whales say when everybdy say buy buy.,,,, u should nt buy...this time everybdy is buying

Yes, correct

Thanks for the information

This post has received a 8.19 % upvote from @booster thanks to: @zaeemsyed.

I believe it's just the time that is stopping Bitcoin, it'll reach 7000 very soon @zaeemsyed. I will be posting some views on cryptocurrency tomorrow. Let's hope that the blood bath ends and green spring arrives soon.

We may see 7000+ by wednesday

Hope it will go soon