Bitcoin Bears Forced Out Of The Market, A New BTC/USD High is Back into View
- A nice break here would bring the 16K target back into view
- BTC won’t have another major correction until we reach well above $16,000 level.
On July 10th, from the high of $13,200, Bitcoin went down to $9,150. After much struggle and trading around $10,000, Bitcoin started surging during the end of July.
August is turning out to be a green month for the flagship cryptocurrency as we went to just above $12,300.
At the time of writing, Bitcoin has been trading at $11,705 with 24 hours loss of 3.05 percent while managing the daily trading volume of $1.76 billion, as per Messari.
A week ago, the bears were in control and the market was expecting a drop to the $8,500 level or even lower to $7,000.
Trader Majin says, they had “everything in their favour for the first time in months, but they didn't nuke.” And now, bears are getting forced out of the market, meaning “we are mere moments away from a superbullzooka beyond all your plebtargets.”
Next target around $14,000
According to the chart shared by Majin, BTC won’t have another major correction until we reach well above $16,000 level.
“Despite everything, july vwap closed above junes's. and August's vwap crossed july's upwards.”
The volume weighted average price (VWAP) is a benchmark that gives the average price an asset has traded throughout the day, based on both volume and price.
It appears as a single on intraday charts where a rising VWAP or the price above the VWAP line means the price is likely in an uptrend while the price below the VWAP means a downtrend. However, it’s only a historical average and not what’s happening currently or in the future.
As for the next target from the current level, it is around $14,000, a new 2019 high as per him.
This is why trader Credible Crypto jumped back into Bitcoin at $11,000. If BTC bounces from here to a new all-time high at $20,000, that would mean altcoins will have their final leg down.
$16,000 in Sight
Meanwhile, analyst and trader FiboSwanny sees $16,000 coming back into the view.
As per the analysis shared by him, the ADX is looking promising for another trend line break to the upside. The average directional index (ADX) is used to determine when the price is trending strongly, that could also be the “ultimate trend indicator” in many cases.
“If momentum keeps on this week a nice break here would bring the 16K target back into view (which for me has never left) with another validated pattern move,” wrote FiboSwanny.
However, analyst The Cryptomist is feeling bearish but broke out RSI falling wedge seems to have a double top.
“Maybe I learnt where others didnt in the bear market, maybe I have bear market PTSD but I do not like this.”
A close below $11,540, she says will increase her confidence.
Bitcoin’s price is $43,656.26 BTC/USD exchange rate today. The real-time BTC market cap of $812.92 Billion currently ranks #1 with a chart dominance at 62.37%, daily trading volume of $17.43 Billion and live coin value change of BTC -6.79 in the last 24 hours.