Bitcoin (BTC) Trades Above $7,500; Is this a Reliable Bull Trend?
- Bitcoin, this time hits the major resistance level at $7,500 instead of just battling with supports
- BTC price took a leap above $7,600 as well, after nearly five trading days—when it was correcting downwards, but this time it seems to be spiking
- Bitcoin trading price is now supported by the short-term moving averages
Bitcoin has hit the price area around $7,500 after almost a weeklong of despairing trade. Since it is currently correcting upwards, we believe that the coin is likely to cross resistances instead of just battling inactive supports. The market cap has seen a slight increase, whereas the trading volume has plunged slightly.
Is this a reliable BTC Bull Trend to hit the trade decision?
Analyzing the intraday movement of BTC/USD on Coinbase, we see that the coin has had a notable top created after it bottomed at $6,850.
Later, within no time, Bitcoin price took a steep bounce to hit immediate resistance around $7,350 at $7,364.86. While approaching the end of the day, BTC was trading at the top in the said time frame at $7,668.95.
With this, BTC is trying to come out of the selling pressure that it was trading under for quite a long time now.
Today, the coin has been moving with a flattish price trend maintaining the price area around $7,400-$7,500. We believe that the BTC price is likely to trade around $7,500 until it comes out of the selling pressure that it is holding.
Also, the volatility is quite dense as the recent dip was prominent enough for the market to doom. For a persistent and upward directional trade BTC must have the supports from the long-term moving averages.
Nonetheless, the crypto market and almost all the major coins have turned green after bottoming out at the least in the past 90-days. According to Bitcoin price expectations, if the momentum continues to stay as it is at present, we believe that BTC price can eye towards hitting $8,000 again.
#Cryptocurrency markets are turning green! What's next for #Bitcoin? 🤔
— WazirX: India Ka Bitcoin Exchange (@WazirXIndia) November 28, 2019
With a constant sign of recovery and improvement, the RSI is stable at 45.68 and holds no extremities at present.
On the other hand, MACD of Bitcoin is running with a bearish outlook only due to the inherent selling pressure that is still present and also remains adjacent to zero.