Price has been accumulating at this level very well and the candlesticks show some firm bullish behaviour in the chart. Now, I am not suggesting this level is the "holy grail" level where price will go super high. no, we're no where near a true bottom and that's a fact. but, we can take advantage of a short term corrective/impulsive move and book some profits in the meantime regardless, some scenarios I can see playing out are:
1) Bitcoin -0.60% corrects from current levels, bouncing on the 200 major moving average and 20 moving average between 7180 and 7260 before finding resistance again and falling to the downside.
2) Bitcoin -0.60% corrects to the upside, breaks the 200 major moving average resistance, before retracing and using it as a support. If this happens the bulls will be very strong and you can expect price to go strongly to the upside from here.
1) Bitcoin -0.60% corrects from current levels, bouncing on the 200 major moving average and 20 moving average between 7180 and 7260 before finding resistance again and falling to the downside.
2) Bitcoin -0.60% corrects to the upside, breaks the 200 major moving average resistance, before retracing and using it as a support. If this happens the bulls will be very strong and you can expect price to go strongly to the upside from here.
The cryptocurrency's price has been marked by peaks and valleys this year. It often varies by hundreds of dollars in a single day and has fallen more than 60 percent since nearing a high of almost $20,000 in December. The digital currency was trading near $7,500 as of Thursday and has fallen roughly 50 percent in 2018, according to data from CoinDesk.