Bitcoin has enjoyed another positive spike late yesterday that saw it rise above the key resistance point of $7,500. However, it soon after dropped to $7349 before getting a push back to the $7,450 range this morning.
FXStreet reports that analysts from Element Asset Management believe Bitcoin is yet to see its real bull run potential. If it doesn’t cross the $7,580 resistance level then it may possibly test $7,300 again but if it surpasses $7,600 soon it should continue past the 50% Fibonacci point of $7,860 and be in full bullish territory.
A very optimistic anaylsis
Recent technical analysis from Youtube channel The Bit Short on July 14 shows a fairly accurate prediction of the 10 percent spike that Bitcoin (BTC) enjoyed a few days ago.
On Twitter, the same user has begun outlining his analysis of Bitcoin’s upcoming price movements. He begins with a graph indicating the resistance to retracement that BTC is experiencing and upgrades his previous prediction that BTC will hit resistance at $7,800 – now believing it will go as high as $9,000 first.
In the following Tweet, he details three indicators that might signal a bull run, including BTC dominance above 45.2 percent and six days straight of bullish green candles. He continues soon after with a graph depicting the difference in velocity to reach the selling climax between 2015’s correction and 2018’s correction. When taking into account the excess volume in the market today you can see how changes such as these would be vastly accelerated.
Three more bullish indicators signalling bullrun
1. We are seeing 6 daily green bullsh candles in a row
2. Bitcoin dominance is at 45.2% right now
3. OBV saw a higher low during the final sell off at 5,750#bitcoin #btc $btc #cryptocurrency #trading #tech #technology #altcoin pic.twitter.com/iArDXhaziF
— The Bit Short (@LouisCheung10) July 20, 2018
Further relatively complex technical analysis using Fibonacci and Elliot wave methods indicate that if he is correct then we could be seeing $10,000 by month end.
This is a very optimistic outlook that could be heavily swayed by the upcoming US Securities and Exchange Commission (SEC) decision on a Bitcoin ETF and further regulatory approval. However, news regarding the listing of securities on exchanges, particularly the extremely popular Coinbase, indicates a positive attitude from U.S. regulators that maybe cryptocurrency is becoming more readily accepted.
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