Hopes of a lower priced Bitcoin for better accumulation opportunities are fading. It has been clear from the crypto twitter verse that many had been waiting for a drop back to $6,000 to load up again but the opposite has happened this morning as BTC surges back towards $8,000.
Big Pump During Asian Trading
Bitcoin has spent most of the past 24 hours trading sideways at $7,300. Daily volume has trailed off somewhat dropping to a low of $20 billion and indicators were starting to signal another drop. Many analysts had predicted a plunge to support at $6,400 or below. Talk of a bull trap and BTC reaching its top were reported by EWN just a few hours ago. Some were stating that Bitcoin was extremely overbought and a plunge was imminent.
The complete opposite has just happened with BTC surging 8% on the day from a low of $7,250 up to above $7,800 where it currently trades. CNBC did it again with another prediction that the chart was showing a head and shoulders pattern indicating that Bitcoin was about to dump. Trader Josh Rager pointed out;
“CNBC calling head & shoulders… And I really wanted to buy the dip down to low to mid $6ks. Was a clear counter indicator as Bitcoin is starting to pump,”
With ‘Bleeding Crypto’ adding “This shit never fails!! The market does the exact opposite of what they post everytime… WOW!!”
Where Next For BTC?
Rager continued with some analysis stating that next targets would be around $8,200.
“$BTC – 1 Hour Chart. Bitcoin certainly looks to be pumping, now over previous resistance. Price is near $8000 & looks to be heading toward the $8200 1D resistance (might consolidate prior). A close above $8200 on the daily/weekly would be very bullish and would target $9600+”
$8,200 is the previous resistance zone so Bitcoin may well head there today, a pullback could lead to the correction that everyone has been waiting for. However, if the bulls can maintain their buying pressure BTC could break all the way through $9,000.
Bitcoin’s dominance is back to 57% and the move has pumped $18 billion back into crypto market capitalization which has returned to $245 billion. The altcoins are also getting a boost with Ethereum, Litecoin and EOS adding over 4%, Bitcoin Cash 6% and Binance Coin flying with an 11% surge on the day.