After the bearish bloodbath in the crypto markets last week, Bitcoin is still recovering with its price hovering around $8,270. There are some signals for the possibility of extended growth this month even as a move below SMA200 on the weekly chart makes investors carefully consider their long-term prospects.
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We have taken into consideration some bullish and bearish trends for the mid-term price predictions. As Bitcoin recovers above $8,000, there is some relief that this is a positive signal for long-term bitcoin bulls because many are regarded this as a buying opportunity.
This pullback is an opportunity to buy or add to existing positions at lower prices. Bitcoin prices tend to get better after a collapse of over 10% within a 24-hour frame. The average returns at 7 days, 14 days, and 30 days are better after a strong sell-off than on all other days. This is a great time to buy the dip.
BTC/USD slipped below SMA 200 for the first time since March 2018 and there is a potential for an extended downside momentum. There may be negative returns for the next 120 days. BTC is down by 1.12% in the last 24 hours. Bitcoin price started a strong recovery above $8,000, hitting the $8,200 resistance level. There are strong indicators of more resistance near the $8,500 level.
Yesterday highlighted a major bearish trend as the resistance line was breached near $8,080 on the hourly chart of the BTC/USD pair. The price may fall below $8,000 in the coming week. On the upside, BTC is facing two important hurdles near the $8,500 and $8,750 level.
After trading through a new monthly low, Bitcoin is still recovering but there was a close above the $8,000 level and the 100 hourly simple moving average. As a result, the price climbed above the $8,150 to reach the $8,200 resistance level.
After yesterday’s bearish trend, the BTC/USD pair gained strength above $8,000 and surpassed $8,200. At the moment, it seemed like the price is facing resistance near the $8,500 level but it’s likely to correct lower toward the $8,250 or $8,000 support. The 50% Fibonacci retracement level of the recent wave from the $7,670 low to $8,525 high indicates support near $8,100. One thing to keep an eye on is whether the price closes below $8,000 as the 100 hourly SMA might push the price back into bearish territory.
There are two important barriers for the Bitcoin bulls – $8,500 and $8,750. If the price crosses $8,750, expectations are that it will rise sharply towards $9,000 and $9,500. We’ll keep an eye on the charts for the latest market trends.
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