{"id":9595,"date":"2019-12-24T04:48:26","date_gmt":"2019-12-24T04:48:26","guid":{"rendered":"http:\/\/emilynews.com\/blog\/?p=9595"},"modified":"2019-12-24T04:48:27","modified_gmt":"2019-12-24T04:48:27","slug":"news-commentary-951-arbitrage-invest-provides-encouraging-bitcoin-update","status":"publish","type":"post","link":"https:\/\/emilynews.com\/blog\/?p=9595","title":{"rendered":"News Commentary #951 – Arbitrage Invest Provides Encouraging Bitcoin Update"},"content":{"rendered":"\n

Will BTC Hit $8,000?<\/strong><\/p>\n\n\n\n

Arbitrage Invest<\/a> (reviewed here<\/a>) just published an encouraging update on Bitcoin.  For those of us who have been discouraged about the slump that Bitcoin appears to be in, it is exciting news.  <\/p>\n\n\n

\"\"<\/a><\/p>\n\n\n

Here\u2019s the update.  It needs no further explanation\u2026<\/p>\n\n\n\n

BITCOIN RALLIES 5% TO CLEAR HURDLES, BULLS AIMING $8K<\/strong><\/p>

**Bitcoin price rallied more than 5% to clear the $7,500 resistance against the US Dollar.<\/p>

**The price is now trading in a positive zone and it could rise further above $7,700.<\/p>

**There is a short term breakout pattern forming with resistance near $7,590 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/p>

**There could be a short term correction, but the price remains well bid above $7,500 and $7,460.<\/p>

Bitcoin price is showing signs of a bullish continuation above $7,500 against the US Dollar. BTC is likely to continue higher and the bulls seem to be aiming $8,000 this week.<\/em><\/p>

Bitcoin Price Analysis<\/p>

After consolidating below the $7,200 resistance, bitcoin started a nice upward move against the US Dollar. BTC surpassed a few key hurdles near $7,300 and $7,400 to start a strong upward move.<\/p>

Moreover, there was a close above the $7,500 resistance and the 100 hourly simple moving average. It opened the doors for more gains and the price rallied above $7,600. A new weekly high is formed near $7,652 and the price is currently consolidating gains.<\/p>

An initial support is near the $7,540 level. Besides, the 23.6% Fib retracement level of the recent surge from the $7,166 low to $7,652 high is near $7,537. If there are more downside, the next stop could be near the $7,460 level (the recent breakout zone).<\/p>

The net major support could be $7,400, and the 50% Fib retracement level of the recent surge from the $7,166 low to $7,652 high. At the moment, there is a short term breakout pattern forming with resistance near $7,590 on the hourly chart of the BTC\/USD pair.<\/p>

If there is an upside break above the $7,590 and $7,600 resistance levels, bitcoin is likely to resume its upward move. The next resistance is near the $7,652 high, above which the price could surge towards the $7,800 level.<\/p>

Any further gains will most likely lead the price towards the key $8,000 resistance area, where sellers are likely to take a stand.<\/p>

Bitcoin price is showing a lot of positive signs after the recent rally above $7,500. Therefore, there are high chances of more upsides above the $7,700 and $7,800 levels in the coming sessions unless the price trades below $7,400.<\/p><\/blockquote>\n\n\n

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Will BTC Hit $8,000? Arbitrage Invest (reviewed here) just published an encouraging update on Bitcoin.  For those of us who have been discouraged about the slump that Bitcoin appears to be in, it is exciting … News Commentary #951 – Arbitrage Invest Provides Encouraging Bitcoin Update<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":9525,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[3594,3600,3595,3596,3597,3607,3601,3598,3599,3606],"class_list":["post-9595","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-information","tag-arbitrage-invest","tag-arbitrage-invest-info","tag-arbitrage-invest-investment-plan","tag-arbitrage-invest-investment-program","tag-arbitrage-invest-news","tag-arbitrage-invest-review","tag-arbitrage-invest-scam-or-paying","tag-arbitrage-invest-update","tag-arbitrage-invest-updates","tag-https-arbitrage-inv-com","exalt-entry"],"yoast_head":"\nNews Commentary #951 - Arbitrage Invest Provides Encouraging Bitcoin Update - EmilyNews<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/emilynews.com\/blog\/?p=9595\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"News Commentary #951 - Arbitrage Invest Provides Encouraging Bitcoin Update - EmilyNews\" \/>\n<meta property=\"og:description\" content=\"Will BTC Hit $8,000? 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