- Bitcoin crushes previous resistance surging to just shy of $9,000
- From here, Bitcoin could continue to move up over $9k as a string of positive headlines encourages the price
- “Tipping point is likely very close now” but there still may be another pullback
Bitcoin has climbed to the highest level of 2019 while remaining inches away from touching the $9,000 level. Currently, BTC/USD is trading at $8,800 with 24-hours gains of about 10 percent. As the crypto trader and investor Josh Rager shares, Bitcoin has crushed previous resistance on the daily chart by setting up new highs for this year. A weekly close at $8,200-$8,300 level, according to him will be “mega bullish” for Bitcoin.
The flagship cryptocurrency finally moves past the $8,000 level where it has struggled since first hitting this level on May 13th. As we reported, Bitcoin has been forming a double top and it has been crucial one that had to determine the direction in which Bitcoin moves, which could have been either upwards or downwards and BTC has finally spoken.
So, now we have moved upwards and over $9,000 targets are the next stops in Bitcoin’s journey to a new all-time high (ATH).
“Some people were screaming triple top when the more obvious conclusion is retest after retest of resistance will finally lead to a break to the upside,”
Here, Rager says Bitcoin could cool off only to run sideways and while the world’s top cryptocurrency trade sideways, altcoins will surge. However, he believes, Bitcoin would rather “continue to move up over $9k.”
The price surge has been taking encouragement from a number of events like the growing numbers of address that now own 0.1 BTC.
New ATH (In addresses holding at least 0.1 BTC) pic.twitter.com/waXAptr40E
— nic carter (@nic__carter) May 27, 2019
Additionally, a string of headlines also made a positive effect that show greater interest from mainstream firms. AT&T said it will allow customers to pay their online bills with Bitcoin by collaborating with payment processor BitPay. Fidelity Investments is also finalizing to buy and sell the digital asset for its institutional customer that could go live in coming weeks while E-Trade Financial Corp. is also poised to allow crypto trading.
Just last week JP Morgan strategists reported that BTC price has surged beyond its “intrinsic value.” Despite this, BTC is up 70 percent this month and 130 percent till date in 2019.
“Easier to spend means a greater-use case and a greater level of adoption,”
wrote Mati Greenspan, a senior market analyst at eToro in a note Friday.
“The tipping point is likely very close now.”
The pullback from $20k to $3.3k will hardly be visible on the charts in a few years. Basically, a non-event. #Bitcoin
— Max Keiser, tweet poet. (@maxkeiser) May 27, 2019
However, yet again with this surge on the weekend, another gap on CME has been registered. In order to fill the gap, we could go where we started for this uptrend.
Another weekend, another CME gap. pic.twitter.com/xYrqpE5ioK
— Hsaka (@HsakaTrades) May 26, 2019
Meanwhile, a pullback is expected by some as David Tawil, president of the crypto hedge fund ProChain Capital said,
It happened. Could $10k be next for bitcoin? pic.twitter.com/NAfMHSe1dt
— CNBC’s Fast Money (@CNBCFastMoney) May 27, 2019
- Source: First Appeared Here
- Published Time: 2019-05-27 16:48:44
The views and opinions expressed in the article Bitcoin Price Looks to Move Up Over $9,000 USD, A Weekly Close at these Levels is “Mega Bullish” do not reflect that of 48coins, nor of its originally published source. Article does not constitute financial advice. Kindly proceed with caution and always do your own research.
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