Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Bitcoin Extends Rebound

Published 24/07/2018, 22:20
Updated 18/05/2020, 13:00

Bitcoin has risen further higher today, climbing for a time above $8350 – its best level since May 21. As a result of the rally, BTC/USD has broken even more short-term resistance levels. This is an indication that the bulls are regaining control, at least in the short term. But whether or not we will see any 2017-style moves remains to be seen. However, the good news is that the technical picture is looking increasingly less bearish which could help to boost confidence of the would-be buyers, bringing in more buying pressure in the days to come.

Among the bullish technical indications that can be easily observed on the chart of BTC/USD are:

  • Break above two short-term bearish trend lines
  • Price being above the 50-day moving average
  • Short-term resistance areas at $6800 and in the $7500-$7800 range have been broken
  • Long-term support at $6000 held after several tests

Given the above points, if BTC/USD were to make a higher high now then things could get really interesting.

The most recent swing high is still miles away around $9950, which means the bulls have some work to do. Still, with key resistances broken at around the $7500-$7800 range and also at $6800, there are now at least a couple of big levels that could support prices on any short-term pullback. But should Bitcoin falls back below $6800, then the bullish bias would end and we could see a subsequent breakdown below that long-term support at $6000.

Bitcoin Daily Chart

Disclaimer: The information on this web site is not targeted at the general public of any particular country. It is not intended for distribution to residents in any country where such distribution or use would contravene any local law or regulatory requirement. The information and opinions in this report are for general information use only and are not intended as an offer or solicitation with respect to the purchase or sale of any currency or CFD contract. All opinions and information contained in this report are subject to change without notice. This report has been prepared without regard to the specific investment objectives, financial situation and needs of any particular recipient. Any references to historical price movements or levels is informational based on our analysis and we do not represent or warranty that any such movements or levels are likely to reoccur in the future. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness, nor does author assume any liability for any direct, indirect or consequential loss that may result from the reliance by any person upon any such information or opinions.

Original post

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.