Bitcoin Explodes Through Key Technical Resistance, Hits 7-Week High
Chartists are going to love this one.
Bitcoin, mired in a downward trend for most of the year, just broke through a key resistance level.
The largest cryptocurrency by marketcap broke through that level in early June. Today marked the first time in over a month that it broached that level.
Bitcoin saw a jump of over 10% in today's trading.
Potentially of greater importance is the fact that today's move broke out of the downward trend that Bitcoin started back in January.
The usual correlation is in place with Bitcoin pulling the alt-coins along for the ride.
Chartists will like that today's action was on higher volume, further confirming the moves.
Could this be the start of the bulls taking charge? It is possible we are seeing a head fake by the markets. Follow through over the rest of the week will be important.
Technical analysis says to watch the 7,000 levels.
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Thanks! Didn't know we broke 50 DMA and 100 DMA! Is the 100 DMA now our resistance? Maybe the bulls are excited for the SEC decision in August!
I'm still feeling bullish as fuck in the short-to-mid-term. There's legitimate buying power on the book between here and $7,000 -- echo'ed by the sentiment here. Large net-sellers & BART'ers are not as willing to market dump in the same way they were back in the mid-to-low $6,000's to flush weak hands. Alts are getting crushed on their ratio pairs -- while BTC price remains moderately-flat. Traders are piling into long BTC and willing to dump & lever up against alts to do so. Now we get our much sought-after RSI reset for the bullish continuation.
Semi-related anecdote... offshore Yuan just crashed to 12-month lows. I'm a huge Chinese perma-bear (and I'm Chinese lol) and expect money to flow into Bitcoin/crypto as it always has when this happens. Before, it was capital flight ('14-'15); now it's capital preservation. CNY near or at same levels as before our meteoric rise in Q4 last year..... Coincidence? Probably, but I'd only lightly discount it; as everybody is well aware, the Chinese are mega-sized players in the crypto scene.
Will altcoins always be tied to Bitcoin, no matter how big they get on their own? Is that coupling even necessarily a bad thing?
good question
Depends how you look at it. In one way, as long as people keep selling their altcoins to buy BTC when it is (or they think it is) going up then there will be this illusion, yes. Besides, I would rather it on BTC than the USD.
Btc goes up.. alt goes down
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I am not sure if we have seen our true panic stage yet, and if news is negative after august 10th (ETF) then we will see a reversal, nice to have some positive sentiment however. I am following you now, please check out my own work, would really appreciate it
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