Bitcoin [BTC] back up to trade at $7100 but when should you get excited?

Bitcoin has gone back up to trade at $7100 and has for now avoided the expected drop to $6000. The 50-day moving average has crossed and broken down through the 200-day moving average which generally means a bearish market is at play. Although chart analysts were expecting a massive drop the moment it happened, Bitcoin, as usual, did the exact opposite and went from trading at $6500 to the current $7K.

The 50-day MA crossing the 200-day MA which generally indicates a bearish market

The 50-day MA crossing the 200-day MA which generally indicates a bearish market

There have been multiple analysis on why Bitcoin could drop to $4000 or lower and there has also been analysis on why Bitcoin could reach $100K soon. At press time, Bitcoin was exactly trading at $7092 to a token with a market cap of $119 billion showing a minor but much needed 2% growth since the past 24 hours.

A look at the order books of major exchanges by some analysts reveal that there are major sell walls at $7400-$7500 levels and a breakthrough from that would mean Bitcoin can climb to $8k or more.

Kerman Bisht, a cryptocurrency chart analyst says,

“What just happened right now is a bullish signal got verified. At the end of a falling wedge and we are green, time to go long”

Venu Namangopal, an ICO advisor and COO at a blockchain startup says,

“We have a tendency to get excited when we see the smallest green sticks. There are huge barriers in front, 7.5, 8.1, 8.4, 9.2, 10K and the biggest of them all 11.8. Believe me, when we break the 12K level, that’s it, we are out of the bearish territory. 14K and 18K people have already sold out”

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