Has Bitcoin really escaped danger after reaching the $ 7000 mark?








In an unexpected movement early in the morning, Bitcoin has surpassed the resistance it previously faced in the area above $ 6,000, with this rally allowing the bull to significantly strengthen the technical situation during the period. short time.


Analysts are now widely aware that the power of this movement is likely to lead significantly higher prices, with short positions being "onions".


At the time of writing, Bitcoin is trading just over 4% with the current price of $ 6957, after falling slightly from the daily high of $ 7055, marking a noticeable increase from the daily low of $ 6,200 was set during the sideways trading in the lower $ 6,000 region.


Bitcoin price tang 2


Analysts are now paying close attention that Bitcoin is well positioned to extend the rally that has been catalyzed by this movement. Analyst Big Cheds classifies this as a major bullish breakout movement to punish shorts.



Looking at the chart referenced by Cheds, it seems that BTC is in the process of breaking through its upper Bollinger Band on the daily chart, potentially acting as a catalyst for price increases.


Price increase scenario for Bitcoin


Analysts seem to believe that bulls are currently in an advantage over bears, as the recent price action of cryptocurrencies has established a bullish technical model.


According to CryptoBirb analyst, this formation could cause BTC to participate in a fully bullish mode, resulting in a break of the $ 8,000 region.


"If BTC goes into full price rise, I think it is most likely to happen."




Short-term price reduction scenario


However, CryptoBirb does not believe that Bitcoin is out of danger.


He further noted in a later tweet that a breakdown below Bitcoin's 'symmetric area' in the lower $ 6,000 region could be very catastrophic, opening the gate for a movement to as low as $ 4,000. la.


“The BTC expansion scenario I received above assumes that we successfully broke out and reclaim support. Breakdown below the symmetrical area means failure and low 4000 access ”.



The way Bitcoin responds to the resistance it currently faces will provide insights into the next trend, with another rejection here likely pushing prices back into a dark time.


You can see the price of Bitcoin here.


Disclaimer: This is not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.


Annie


According to AZCoin News




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