The Bitcoin BTC, 9.46% BOOM has continued further over the past 24 hours of trading after the cryptocurrency was able to rise by a total of 13% to reach its current trading price at around $7,878. Bitcoin has now seen some extraordinary price growth which equals 36% over the past 7 trading days and a rather remarkable 112% price surge over the past 90 trading days.
The recent price increase puts Bitcoin in an interesting position ahead of the annual Consensus Conference today. This is arguably one of the most important conferences for cryptocurrency so it will be interesting to see if any of the news from the conference sparks a bull run higher.
Bitcoin currently holds a $128 billion market cap value and remains comfortable as the leading cryptocurrency project.
What Has Been Going On?
Since our last analysis, we can see Bitcoin has broken above the resistance at $7,000 and hasn’t spent any time hanging around. The market has continued to climb further higher into resistance at the $7,848 level which is provided by a short term 1.414 Fibonacci Extension level (drawn in purple).
We can see that in today’s trading session, Bitcoin has come close to the $8,000 level but had turned away at $7,980.
Bitcoin Short Term Term Price Prediction: Bullish
The short term bullish price prediction remains bullish for Bitcoin. For the bullish trend to be invalidated, we would need to see Bitcoin reverse and drop beneath the $6,000 level.
However, if the sellers do group up and push BTC/USD lower, we can expect immediate support for the market to be located at $7,600, $7,558, $7,383, $7110 and $7,000. Beneath $7,000, more support lies at $6,859 and $6,515.
Bitcoin Medium Term Price Prediction: Bullish
In the medium term, Bitcoin price prediction also remains bullish. If the bullish pressure continues to cause BTC/USD to climb further higher we can expect immediate resistance above the market to be located at the $8,000 level.
If the buyers continue to drive Bitcoin above the $8,000 level on Bitcoin exchanges, further resistance above is then located at the $8,265 level. This level of resistance is provided by the short term 1.618 Fibonacci Extension level (Drawn in purple) and also had provided resistance for the market back in July 2018. Further resistance above $8,265 is then to be expected at $8,490 which is also the July 2018 high.
What Are The Technical Indicators Reading?
The RSI remains in the overbought condition which indicates that the buyers may be overstretched. Furthermore, adding to this expectation, the Stochastic RSI is in overbought condition and is preparing for a crossover below which would indicate that the bulls are exhausted and need a break.
|Key Bitcoin Resistance Levels:||$7,900, $8,000, $8,265, $8,400, $8,490|
|Key Bitcoin Support Levels:||$7,500, $7,350, $7,000, $6,800, $6,500|