Will BTC Hit $9,000?
Arbitrage Invest (reviewed here) just published an update giving their thoughts on the recent surge in BTC price. All BTC enthusiasts are wondering if it will soon break the $9,000 barrier and, then, perhaps, move on to greater heights. It’s a bit like gambling, of course, but only a year or so ago, BTC was as high as $20,000 and there is no reason why it cannot go that high again — and maybe much higher. Time will tell.
We at EmilyNews will do our best to provide you with opinions/predictions on this from as many reliable sources as we can as the weeks and months go by. Many online investors are intensely interested in BTC and we hope that this information will be helpful to you.
Here’s the update from Arbitrage Invest…
$9,500: BITCOIN BULLS AIM BIG AFTER RECENT SURGE ABOVE $8,500
Bitcoin found a strong buying interest above $8,200, resulting in a fresh increase above $8,500. BTC price is currently above $8,600 and the bulls seem to be eyeing a break above $8,800 and $9,000.
Bitcoin price is currently rising and showing positive signs above $8,500 against the US Dollar.
The bulls seem to be in control above the $8,400 and $8,500 support levels.
There was a break above a major bearish trend line with resistance near $8,360 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair is likely to accelerate towards $9,200 if it clears the $8,800 resistance area.
Bitcoin Price Is Rising Again
In yesterday’s weekly analysis using the daily chart, we discussed the importance of the $8,200 and $8,000 support levels for bitcoin. It seems like the $8,200 level played well, resulting in a fresh upward move in BTC price above the $8,400 resistance.
A decent support base is formed near the $8,280 level and the price is now trading well above the 100 hourly simple moving average. It surpassed the 50% Fib retracement level of the last major decline from the $8,793 high to $8,214 low.
Moreover, there was a break above a major bearish trend line with resistance near $8,360 on the hourly chart of the BTC/USD pair. The pair is now trading nicely above the $8,500 and $8,600 resistance levels.
An immediate resistance is near the $8,660 level. Besides, the 76.4% Fib retracement level of the last major decline from the $8,793 high to $8,214 low is near the $8,660 area.
A successful break above the $8,660 resistance could initiate a solid upward move above the $8,800 resistance area. In the mentioned case, bitcoin is likely to grind higher towards the $9,200 resistance. The last line of defense for the bears may perhaps be near the $9,500 level.
BTC Might Present Buying Opportunity
If BTC price corrects lower from the $8,660 resistance, it could find support near the $8,600 level. The main support is now near the $8,500 level (the recent breakout zone).
Any further losses might lead bitcoin price towards the $8,400 support or the 100 hourly simple moving average. The overall price action is positive and it seems like BTC could continue to rise towards the $8,800 and $9,200 resistance levels in the near term.
Technical indicators:
Hourly MACD – The MACD is slowly losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently correcting lower from the 75 level.
Major Support Levels – $8,500 followed by $8,400.
Major Resistance Levels – $8,660, $8,800 and $9,200.
*********************************
If one of the paying programs on our Monitor appeals to you, please support EmilyNews by registering for it on our website. Thanks very very much!
Telegram Chat for your Crypto and Hyip reports: @HyipChatEN
*********************************
Be the first to get most important HYIP news everyday!
Simply Follow EN Facebook, EN Telegram, EN Twitter
or Subscribe to EN Feedburner and submit your email address!
If you like this article and want to support EN – please share it by using at least few of social media buttons below. Thanks and See you tomorrow!
