Bitcoin Reclaims Support Level as Analysts Eye Further Gains
After struggling to break above $8,000 for the past several days, Bitcoin was once again able to find some support within the upper-$7,000 region that held strong and allowed BTC to move back up above $8,000.
Analysts are now noting that the cryptocurrency may climb higher in the near-term but are also noting that a resistance level that is just a short way above BTC’s current price may halt this fleeting rally and send the crypto plunging back below $8,000.
Bitcoin Climbs Above $8,000, But Bears May Soon Return
At the time of writing, Bitcoin is trading up roughly 1% at its current price of $8,030, which marks a slight climb from its daily lows of $7,900 that were set overnight just prior to its early-morning surge towards $8,100.
This slight surge further confirms the long-established notion that the upper-$7,000 region is a strong region of support, as BTC as consistently found notable buying pressure in this region.
It is important to note that the lack of follow through from buyers who have been holding the support level at $7,800 may point to an underlying weakness for the cryptocurrency.
Big Chonis, a popular cryptocurrency analyst on Twitter, noted in a recent tweet that he believes Bitcoin will climb slightly further in the near term before it reaches a point of resistance that sends it reeling lower in the near-term.
“$BTC – Happy Saturday… a little more up before a bit more down,” he explained while pointing to the below chart.
$BTC – Happy Saturday…
— Big Chonis⚔️Flux Trading Group🚀 (@BigChonis) October 19, 2019
BTC May Be Caught in Possible Ascending Triangle
The Cryptomist, another popular cryptocurrency analyst on Twitter, explained in a recent tweet that she believes Bitcoin could be caught in an ascending triangle on a higher time frame, which could prove to be a bullish sign for its mid-term price action.
“$Btc 2hr time frame: Sym triangle on RSI – Present on multiple time frames. Possible ascending triangle on 2hr here. We could see a breakout within 9hrs towards 8.1k…the falling wedge resistance, where things could get even more interesting for bulls,” she explained.
2hr time frame
Sym triangle on RSI – Present on multiple time frames
Possible ascending triangle on 2hr here
We could see a breakout within 9hrs towards 8.1k ..the falling wedge resistance, where things could get even more interesting for bulls 😊 pic.twitter.com/TiftKDJMqb
— The Cryptomist (@TheCryptomist) October 19, 2019
The coming few hours and days could further elucidate Bitcoin’s mid-term trend, as its long period of consolidation around $8,000 may soon come to an end.