The Bulls have Bitcoin under control and are heading higher again
We have a new week here again and it’s time for our regular analysis of the BTC market and its behavior.
In the last article, I already suspected that BTC has strong support and the name of article corresponded to it “Bitcoin has still strong support and CME GAP confirms its role“, in the previous analysis we followed the $ 7,000 area, which was a “strong resistance” for a long time and the bulls had big problems with it, and they could not keep it for more than 4 days in the last 30 days.
For a while, it even looked also this week that we would lose it, but we did not fall lower than $ 6,750, and after two days, the bulls really stepped upwards. Within 24 hours, we jumped from $ 7020 to $ 7738 and today we saw the highest price of $ 7792 (binance).
Bulls also predominate in purchase volumes and bears are significantly weaker. This is a great sign that Bitcoin is gaining strength and can attack for $ 10,000 in a month.
Bitcoin is currently accompanied by large and positive responses due to COVID-19 and a possible safe station for people who are afraid of inflation in classic currencies, also approaching HALVING, which has so far always suppressed the price of BTC.
Let’s look at the facts offered by technical analysis:
- STRONG RESISTANCE – 7700$ – 8000$
- NEW KEY SUPPORT – 7000$
- SECONDARY SUPPORT 6500$
- MAIN SUPPORT 5800$
- OPEN SHORT AND AVERAGE IN STRONG RESISTANCE AREA WITH 7700$ – 8000$
- OPEN LONG AND AVERAGE IN THE RANGE 7500$ – 7000$
Always use SL according to your risk management!