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Bitcoin on the Move Again Towards $8,000 BTC/USD, Aiming for “Very Bullish” Level
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PocketThe leading cryptocurrency is back in the green after dropping down to roughly around $6,200 on Friday. However, the Bitcoin price soon recovered back to $7,000 and now it is yet again on the move as it climbs to $8,150, at one point. While much of the focus has been on Tether surpassing BTC trading volume, many are in the belief that this rally's foundation is of a different breed.
At the time of writing, BTC/USD has been trading at $7,950 with 24-hours gains of about 7 percent. With this surge, Bitcoin is now up 115 percent till date.
Meanwhile, it is managing the daily trading volume of $23.5 billion as per Coinmarketcap and over $1 billion, as per Messari’s Real 10, 24-hour volume.
Looks like Bitcoin is really going to pump here as the upward move in the flagship cryptocurrency that was followed by altcoins came with CNBC’s call for a head and shoulder.
What happens next???? pic.twitter.com/qASi7fAfJF
— CNBC's Fast Money (@CNBCFastMoney) May 19, 2019
Bitcoin
Before this spike occurred, crypto trader and investor, Josh Rager talked about the levels to watch here that ranges between $6,900 to $7,600. A close above $7,600 is good for the bulls that have $8,200 as its first target while close below $6,979 is a really bad sign for bulls that could take us to back to revisit low $6ks.
$BTC – continues to look strong
Higher lows forming with the current consolidation
This consolidation looks like it is priming Bitcoin for continuation to the upside
A bullish weekly close looks promising pic.twitter.com/PWTdVlioXd
— Josh Rager 📈 (@Josh_Rager) May 19, 2019
Now that we have successfully gone above $8,000, we can be really bullish here.
On the 1 hour chart, Bitcoin is pumping, having crossed the previous resistance. We are heading towards his first target $8,200, the one day resistance but according to him, we might consolidate here.
The best thing here is that the close above $8,200 on the daily or weekly would be “very bullish” points out Rager that would see us targeting over $9,600.
If bitcoin doesn't roll over very soon, it could explode towards 10,000.
— MAGIC (@MagicPoopCannon) May 19, 2019
He further shares about how Bitcoin is looking on the weekly chart. He clarifies his target for $9,600 stating “this is viewpoint from higher time frame charts.” However, it won’t be all shooting straight up as there is resistance along Bitcoin’s way. This movement to a new high that would see us reaching 13 months high, Rager says could take take more than a few days if the daily or weekly closes above $8,216.
Another factor supporting this bullish move is the weekly volume that “looks amazing.” What remains to be seen is how much time would it take for Bitcoin to take over $10,000 level and then for FOMO to get into effect in full force.
Bitcoin’s price is $46,392.23 BTC/USD exchange rate today. The real-time BTC market cap of $863.86 Billion currently ranks #1 with a chart dominance at 62.37%, daily trading volume of $25 Billion and live coin value change of BTC -9.56 in the last 24 hours.
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