And before anyone saw it coming, Bitcoin (BTC) is right back above $9,000. The past 72 hours have been positively outstanding for the crypto market, as it observed all digital assets increase significantly across the board. BTC, most distinctly, progressed from the low-$8,000 s, where analysts expected heavy resistance, to $9,300 in which it stands right now.
With this, the bullish cries of investors all across the industry have circled back, despite the fact that they were needing a massive pullback just weeks earlier. But, just what are the commentators saying? And more significantly, where does Bitcoin and the asset’s ilk head next?
Bitcoin Rips Past $9,000
Early on this week, Fundstrat Global Advisors’ Rob Sluymer remarked that Bitcoin could very well find resistance in the $8,800 to $9,000 range. Definitely, throughout the rally in late-May, BTC stumbled to rise above that range, perpetually scaling back after momentarily tapping prices above $9,000.
Still, on Sunday morning, this trend was rejected. Hard.
Practically as if $9,000 was just a sheet of soggy parchment paper, Bitcoin broke past it, leaving no shorts unliquidated. Let’s take a better look at just what traders are mentioning on the Twitterverse.
Analyst Credible Crypto remarked that even though last week’s candle was rather bearish, the quick bullish retracement is an indication that buyers are ones in control of the market as opposed to sellers. Credible adds that although the candle has yet to close, it seems as though BTC’s next destination would be in the high-$9,000 s and low-$10,000 s, which is where the next line of heavy resistance lies.
$10,000 is where BTC topped in last years’ bear market rallies, and where the asset experienced heavy resistance on its way up during the legendary 2017 boom.
Although last week’s candle was very bearish, this weeks candle retraced the entire thing which is incredibly bullish. Official close is tomorrow, but thus far just looks like a retest of the monthly breakout level. Now targeting the resistance in the red region above us. $BTC pic.twitter.com/kHcX1ZRwPM
— Credible Crypto (@CredibleCrypto) June 16, 2019
Various other are certain that BTC may continue higher. They look to the speed of the latest retracement, coupled with the fact that the approaching closing of Binance.com for United States traders will probably cause a further capital flight coming from altcoins to Bitcoin.
In any case, regardless of what happens in the coming days, most are coming to the determination that a retracement is now not on the table, despite what was stated just days and weeks prior. For people who missed the memo, many were counting on for a substantial 30% retracement to the $6,000 range after a number of technical signals flashed bearish last week.
Now, however, the bulls are on parade. Trader Nunya Bizniz, well known for his accurate noticings about historical market patterns, over recent weeks noted that if the weekly Bitcoin candle closes above $8,800 or so, BTC’s weekly chart would have printed a pattern that came before massive multi-week upswings.
But few know exactly how that will play out currently.
BTC Weekly. This chart is premature but shows the 3 prior instances where price structure was similar to present. A large bearish (engulfing) candle, followed by a reversal and large bullish (engulfing) candle. Rally and new yearly highs ahead? pic.twitter.com/nsgzmhEn53
— Nunya Bizniz (@Pladizow) June 15, 2019
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