Bitcoin’s Close Above $6,600 is Bullish as Analyst Calls for a Push Above $8,000 BTC/USD


  • Above 6,600 Bullish and below $5,900 bearish
  • The most critical retracement level is below $6k

    The leading cryptocurrency seems to be losing the steam for now, but despite that, it maintains its ground above the $7k mark.

    At the time of writing, Bitcoin has been trading at $7,103 with 24-hours losses of 2.22 percent. The daily volume of Bitcoin traded on exchanges has come down from $29 billion yesterday to $26 billion currently as per Coinmarketcap data while $1.4 billion per Messari’s Real 10, 24 hours volume.

    Though Bitcoin has taken a hit from the 9 months high at $7,585 to around $7k, it to be seen if the flagship cryptocurrency has really lost the momentum in the short term, after all.

    BTC/USD chart, Source: TradingView

BTC To Test $6,500 Range

According to crypto trader Credible Crypto, the fact that Bitcoin closed above $6,500 on the weekend, is a bullish sign. If BTC had closed below $6,240, it would have been neutral and bearish below $5,900.

But a drop above $6,600 is bullish, says Credible Crypto. From here, he sees BTC testing the $6,500 region where we are expected to consolidate and then pushing to above $8,000.

“Perfect rejection off of my Wave 3 BTC target and a Weekly close above 6.6k makes me unequivocally bullish at this time. I now expect a test of the 6.5k region. I do expect we are now in our Wave 4 and will consolidate/range around 6.5k before making our push to 8k+.”

Meanwhile, crypto analyst Magic Poop Cannon, says after warning about Bitcoin topping out yesterday, the price has fallen even deeper into the negative territory. Bitcoin wasn’t able to close above $7,402 resistance level and sell side pressure has been starting to pick up. On the smaller time-frames, he says the sell signals are increasing as well.

In case $7,400 is the top, Magic sees Bitcoin retracing easily retracing to the $6,000 range. But per him, the most critical retracement level is below $6k which means if we enter into a correction from $7,400, we could retrace back below $6,000.

In contrast, if Bitcoin doesn’t fall lower and consolidates here, the outlook can change but it all depends upon how the daily candle closes. Above $7,400 level close means “very bullish” and below this means more downside in the coming days.

 

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