This morning, Bitcoin traded above $ 6,500, up 12% from the bottom of $ 5,800 set on Sunday night.
Thanks to this move, the BitMEX sponsorship ratio on Bitcoin contracts (XBT) has increased by 990% according to data from traders and AI / cloud experts at Microsoft Joe McCann. He thinks this means "the cow is being pushed up", potentially creating a long squeeze phase in the future.
Analysts now have a wide range of views on what this move means for leading cryptocurrencies. Because just 24 hours earlier, many people had charted a low of $ 5,000, with actual reasons falling below some important support.
According to trader Flood - who had predicted the recent move from $ 6,800 to $ 6,200, Bitcoin could retest $ 8,000 in the near future.
We shorted, now we long to 8k pic.twitter.com/zmYQm2psQZ
- Flood (BitMEX) (@ThinkingUSD) March 28, 2020
“We were short. Now, let's go to 8K dollars. ”
Bitcoin rebounded sharply as the bulls enthusiastically defended $ 5,800
At the time of writing, Bitcoin is trading up 3.6% at the current price of $ 6,491, up sharply from the daily low of $ 5,800 after breaking below $ 6,000.
Now it looks like BTC is about to break through the critical resistance of $ 6,500. If successful, it will open up the possibility of significant price increase in the short term.
Accordingly, analyst Big Cheds believes that the price is flexing "potential bull cross EMA 8/34" on the 4-hour chart.
$ BTC #Bitcoin 4 hour -Flexing a potential 8/34 EMA bull cross pic.twitter.com/J6nJldbVUe
- Big Cheds (@BigCheds) March 30, 2020
“4 hour chart - potential bull cross EMA 8/34”
This pattern can significantly accelerate the confirmed short-term price action in the next few hours.
BTC surpassing the critical resistance will open the way to $ 7,700
Regarding how high Bitcoin can rise after beating current resistance, an analyst noted the move towards $ 7,700.
Analyst Teddy recently shared a chart showing two potential lines and Bitcoin is currently in the process of implementing a price-raising roadmap.
Looks like $ BTC picked the green way pic.twitter.com/JZHUdaFII1
- Teddy (@TeddyCleps) March 30, 2020
"It seems that BTC has chosen the green path."
Through the chart above, the goal is to raise the price to around $ 7,700, a significant increase from the level at which Bitcoin is trading.
You can see the price of BTC here.
Disclaimer: This is not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
Thuy Trang
According to AZCoin News
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