Hi! Did you have a good weekend?
Over the weekend, Bitcoin price rose to almost $9,400, but it is now at $9168. All of last week, Bitcoin was moving upwards and yesterday, on June 16, it reached a new yearly high. However, it could not hold on to that level and abruptly went down below the resistance line ($9,100). Thus, over the past 4 months, the main cryptocurrency’s growth totaled 162% considering that at the beginning of February, it traded at $3,500. The total market capitalization demonstrated growth as well increasing by 151% from $113 billion to $284 billion. Let us now look at the charts.
On the hourly timeframe, the price is currently moving strictly in the descending channel.The $8,865 support level will be the first target, if it attempts to go down. Technically, the picture looks in favor of growth: EMA50 moving average is at $8,953 running higher than EMA100, which is at $8,477. The both indicators are tending upwards. EMA50 acts as a local support level. MACD indicator in the positive area.
On the daily timeframe, everything speaks in favour of long positions as well. The indicators have “unloaded” and are now in the positive area.In the event of a correction from the current level, the targets, according to Fibo, will be $8,640$, $8,420 and $8,200.
The targets for the ascending movement will be $9,570, $9,770 and $10,000 levels.
Our forecasts share the optimism of a well-known Coindesk analyst Omkar Godboul. He believes that the rate can shortly rise to the next important milestone of $10,000. In his opinion, the market remains overbought, but the situation has changed for the better there. Last week, Robert Sluymer, an analyst at Fundstat, correctly predicted Bitcoin growth. He urged investors to buy the cryptocurrency, as he saw the growth to $ 8,800 – $9,000 levels on the chart.
Other analysts are also optimistic about Bitcoin’s prospects. For example, Anthony Pompliano, Morgan Creek Digital co-founder and partner, believes that the role of Bitcoin in the global financial system will significantly increase in the next 12-18 months. He considers the US/China trade wars, central banks’ quantitative easing policies and cryptocurrency halving to be the main underlying factors.
It is a very important day for the market today, as the today’s price will determine the price behavour during this week. BTC has so far failed to gain a foothold above the $9,100 level. If the trades close above this point, growth will be a more likely result. Trades closing below this point will give strength to the bears.
Wishing all of you profits and a great week!