Crypto Analysis

Bitcoin Private Price Spikes 20%, More Gains Possible?

Bitcoin Private Price Analysis BTCP

Bitcoin private price surged higher recently and settled above $50.00 against the US Dollar. BTCP/USD remains supported on the downside for more gains.

Key Talking Points

  • Bitcoin private coin price started a nice upside move and traded above $70.00 (Data feed of coinmarketcap) against the US Dollar.
  • There is a major bullish trend line in place with support at $48.00 on the 7-day chart of the BTCP/USD pair.
  • The pair is currently in an uptrend and it could break $65.00 once again in the near term.

Bitcoin Private Price Forecast

There were heavy movements in bitcoin private coin price from the $25.00 low against the US dollar. The BTCP/USD pair started a solid upside move and traded by more than 150% higher to clear the $50.00 resistance level.

It even traded above the $70.00 level recently and formed a high at $77.15. Later, it started a downside correction and traded below the $60.00 level. There was also a push below the 23.6% Fib retracement level of the last wave from the $28.46 low to $77.15 high.

Bitcoin Private Price Analysis BTCP

However, the decline was protected by the $48.00-50.00 support area. Moreover, the 50% Fib retracement level of the last wave from the $28.46 low to $77.15 high also acted as a support.

The price formed a base around the $48.00 level and is currently trading 20% higher to $55.00. On the downside, there is a major bullish trend line in place with support at $48.00 on the 7-day chart of the BTCP/USD pair.

Therefore, bitcoin private price remains supported on the downside near the $50.00 and $48.00 levels. As long as the price is above the $48.00 support, it could continue to move higher.

On the upside, an initial resistance is near the $60.00 level. A successful close above the stated $60.00 resistance may perhaps open the doors for a push above $65.00 or even $70.00.

Overall, the current price action is very positive for BTCP and its price remains in an uptrend above $48.00.

Trade safe traders and do not overtrade!

Aayush Jindal
About author

Aayush has spent over a DECADE as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets. He is a software engineer by profession, loves blogging and observing financial markets
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