Analyst: Bitcoin is now firmly in the bull market, which means traders should start buying hollows

by



[ad_1]

After being locked in a persistent bear market for more than a year, Bitcoin appears to have reached $ 3,200, which is a long-term fund that has allowed cryptocurrency to skyrocket, firmly establishing a new uptrend that propelled BTC into the new year. high date.

This bullish price trend has led analysts to agree that the next bullish phase has officially begun, which means it may be time to buy every downturn.

Bitcoin (BTC) up sharply to $ 7,000

At the time of writing, Bitcoin is trading up nearly 9 percent at its current price of $ 6,880, up significantly from its daily low of $ 6,300.

Bitcoin is now trading just below its highest price level of 2019, which was set last night when BTC quickly jumped to $ 7,000 before stabilizing slightly around its current price levels.

Before last night's outbreak, analysts had generally agreed that $ 6,400 was a key level for crypto-computing to be above average to confirm a new uptrend.

Alex Krüger, a popular economist with a focus on cryptocurrencies, spoke of the state of the markets after BTC surpassed this price level, stressing that it was now "in a bullish territory".

"$ BTC now in the bull market after a highly anticipated intra-day high. A: 7000, 8000. S: 6400, 6000. The old levels are not as valuable. Therefore, above 6400, only rounded numbers are considered major resistance. The hourly volume in Bitmex was the second largest after Sep / 5/18, "he explained.

Although the market is firmly on the rise, it is important to note that USD 7,000 should be a high level of resistance. Despite this, it seems that bulls are gaining strength, which could eventually allow them to raise the price of cryptocurrency before it faces strong resistance.

Analyst: It's time to buy withdrawals

As Bitcoin is now in a bullish trend, analysts agree that traders should consider future withdrawals as a good buying opportunity.

Cred, a popular cryptocurrency trader on Twitter, talked about it in a recent tweet, explaining that he was considering withdrawals to support purchase levels as a buying setup.

"$ BTC: I use high time levels to form a bias. $ 6000 floor was a major resistance level. He burst himself. When major resistance fails, the market is bullish. Once the bullish bias is defined, I look for intraday buying patterns: I) Withdrawal to support II) Run at low levels, "he explained.

As the weekend continues and markets continue to anchor in the highs since the beginning of the year, it is likely that analysts and traders will soon understand better whether this new bullish trend will lead to a parabolic evolution. thrust.

Selected image of Shutterstock.



[ad_2]

Source link