Bitcoin

Bitcoin Eyes Attack on Breakout with Solid Support Formed Above Crucial Point

Bitcoin’s trend was quite moribund over the weekend, making the market less attractive for traders to observe the behavior of the leading crypto. However, it was observed that BTC managed to form a solid support above the crucial point $10,250 despite the hurdles in the market, with a tighter sideways trading that signal breakout.

In the last 3 days, Bitcoin has been up and doing above $10,250, after falling to $10,200 range on Friday. The cryptocurrency gained momentum on Saturday to test $10,400 once, but failed to maintain it afterward with a drop to $10,300 where another solid support was noticed over the weekend till now.

The trend seems quite progressive with the possibility of attacking the breakout zone to stay above $10,500 if maintained for another 36 hours.

Bitcoin Price Analysis

At press time, Bitcoin is priced $10,313 against the US Dollar with 0.01% added value in the last 24 hours. $10,400 remains the resistance of the cryptocurrency after witnessing price correction from the recent $10,437 high to its present price.

The last swing from $10,400 to $10,270 low can be regarded as pull back necessary for proper balancing. A drift above $10,300 shows that BTC is gradually garnering momentum for an upward rally in the short term.

On the 4 hours chart, Bitcoin fractal is above the 50 hourly SMA but below 100 hourly SMA. There has also been a break above the 50% Fib retracement level from the last $10,437 high to $10,270 low.

Bitcoin forms strong support

Bitcoin is maintaining a prudent trend at the moment with a gradual push up. The upward rally seems not efficient enough to trigger a bullish upward rally that can push Bitcoin above $10,500 and probably to $11K, hence, a positive news would be required as an activator.

Nevertheless, some analysts have observed the situation as another opportunity to initiate an upward rally. CryptoFibonacci after musing over the trend of Bitcoin in the present market said “big move should happen in the next few days or early next week.”

Ethereum Looking Strong

The slightly positive trend of Bitcoin which carried a number of coins along on the upside pattern has also allowed some analyst perceived that Ethereum is looking strong enough for a possible break above.

Trader Crypto Rand said the strength presented by ETH is quite impressive and if maintained to achieve a drift above $200, we could also get $250-$300 easily.

At press time, Ethereum is priced $194.07 against the US Dollar with 3.50% added value in the last 24 hours.

Disclaimer: Our writers invest in cryptocurrencies and it is possible the author of this article has investment in any of the digital currencies discussed. Some times author's presented information may be laced with opinions. Treat articles as mere information and not as financial advice.

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About the author

Khalid Lawal

Lawal Khalid is an avid entrepreneur and a peace advocator. He takes time developing expertise in journalism, and he has significant contributions at Arianna Huffington's Thrive Global, Oracle Times, Coin Gape and a host of other notable news publications.

Owing to his long time interest in innovative technology, Lawal cut into the blockchain world, and he has been unearthing meaningful investigation as well as noteworthy blockchain researches.

Khalid sits at the helm of NewsLogical.com as a full time journalist and a senior market analyst.

Email: lawal.khalid@newslogical.com

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