Bitcoin Bullish Resistance Flips to Support But if BTC Doesn’t Close above $8k, Bears to Continue
- After recovery, Bitcoin is currently down by over 3 percent at $7,850
- A close above $8,000 will be bullish for the world’s top cryptocurrency
Bitcoin is yet again on the move as it inches upward touching $8,000 level. After going below $7,400 on June 4th and then still being in the same area, we have started seeing the greens. At the time of writing, BTC/USD has been trading at 7,850 with 24 hours loss of 3.13 percent.
Talking about this upward move, crypto investor and trader, Josh Rager says the leading cryptocurrency’s bullish resistance has now flipped to support. He shares that a close above the current resistance will be a nice move for the world’s top cryptocurrency that could lead us to a retest of the resistance in the $8,200s.
“A break and close above $8200s would bullish for a further move up to high $8ks.”
In his latest analysis, Rager says, Bitcoin is currently sitting at horizontal support with mid-channel support. Moreover, the flagship cryptocurrency is still trending down in the channel, so a break above $8,200 would turn out nice for a weekly close on Sunday night.
However, on the opposite side, if Bitcoin closes under $8,000, he sees a downward continuation next week.
Meanwhile, the key bitcoin indicator, the GTI Vera Convergence-Divergence indicator that detects positive and negative trends flashed a sell signal for the first time since April, reported Bloomberg. This means there could be a further downside as indicators show more pain ahead.
However, in the long term, Bitcoin is still on track to its parabolic rise.
Bitcoin difficulty adjustments alter the difficulty of miners finding blocks. There have only been 7 instances where the monthly difficulty adjustments have declined. These decreases have done a good job of locating cyclical bottoms. So far, so good. pic.twitter.com/q3ditS7fuW
— Nunya Bizniz (@Pladizow) June 8, 2019
Bitcoin Trade Volume Hits New High
Though, a crash either after seeing another pump or without it, is expected after Bitcoin pumped about 60 percent last month, Bitcoin network stays strong.
Revisiting the whopping gains registered in May, the month also saw Bitcoin trading volume hitting the highest level on Coinbase.
During the month of May, Coinbase facilitated the trade of nearly 739k BTC worth about $5.9 billion, the highest level is seen since March of 2018.
The most Bitcoin ever traded on Coinbase in a month was during the bull run in December 2017 when 1,275,295 BTC were traded on the exchange.