Is Bitcoin’s Parabolic Trend Broken? Newsflash, the Real BTC Price Action It Hasn’t Even Begun Yet
- Bitcoin stuck in $7,900 to $8,000, the “most accumulated” price range
- BTC price needs to break above $8,200, this will lead us over $8,700
- Bitcoin 200 week moving average has started to grow at 5 percent per month
Bitcoin has gotten stuck yet again just below $8,000. Since June started and we tumbled from $8,800 on June 3rd to $7,950, the world’s top cryptocurrency remained mostly below the crucial $8k level in the range of $8,090 to $7,400.
However, yesterday Bitcoin had a nice 6 percent pump. The sentiments that were a bit too bearish after the red weekly close that has analysts expecting further downside for BTC, now are expecting a daily close above $8,200 for Bitcoin to turn bullish in the near term.
First in May and then now in June, Bitcoin is stuck from $7,900 to $8,000 which has been the “most accumulated” price range since May 13th
At the time of writing, BTC/USD has been trading at $7,766 with 24 hours gains of 2.03 percent.
Bitcoin Still in a Channel & Needs to Break Above $8,200
The leading cryptocurrency has yet again turned green after it yesterday went above $8,000 level. Unless the price shows upward strength we are going to be stuck in a range that might not be good for the flagship cryptocurrency but is surely for altcoins.
The effect can already be seen in Litecoin which is up over 10 percent and the likes of Aurora (77.52%), Fantom (70%), and Maximine Coin (35.03%) among many others that has the total market cap at $253.6 billion.
Bitcoin’s move back up to near $8,000 has resulted in the support that recently flipped to resistance now flipping back to support. Crypto trader and investor, Josh Rager says Bitcoin is still in a channel and need to break above $8,200. A close above this level would according to him likely to lead us up over $8,700.
— Credible Crypto (@CredibleCrypto) June 11, 2019
Similar sentiments are shared by crypto trader Credible Crypto who sees the first target at $8,200 and from here, we are off to above $8,450 as the next target.
Bitcoin 200 Week Moving Average Starting to Grow at 5%
Though Bitcoin is still 60 percent down from its all-time high from December 2017’s $20,000, we are in an uptrend. The flagship cryptocurrency follows a parabolic rise that leads it to reach new ATHs in every bull cycle that coincides its reward halving that occurs every four years.
After 2016’s halving event, the third Bitcoin reward halving is coming next year in 2020 that will cut down its supply making BTC far more valuable.
About this parabolic trend, crypto analyst Galaxy comments that it hasn’t even started yet.
Where are all the guys calling the parabolic trend broken?
— Galaxy (@galaxyBTC) June 10, 2019
Meanwhile, analyst planB shares about the 200-week moving average have started to grow at 5 percent per month that will slowly take us to the new peak as this goes from 5% to 10 and then 12 and finally 14 percent.
— PlanB (@100trillionUSD) June 10, 2019