Bitcoin surpassed $8000 few hours ago. It is the best wish of the investors to see BTC breaking further above resistance levels. BTC could be ready for the next move, but no knows how much further it would move from here. Popular crypto analyst Josh Rager has recently indicated the tendency of Bitcoin surging further in the next few days.
Bitcoin recently displayed readiness to grow in price after a slight move above $8,000. BTC had long settled below this resistance level, giving some cryptocurrency pundits the opportunity to envisage a downward move for leading crypto asset in the market.
After the price upsurge few hours ago, Bitcoin is beginning to make an approach for the $8,200 resistance. If BTC could replicate its recent rise, there is possibility of it retesting $8,500 in few days.
However, Bitcoin’s price soar has been attributed to the voluminous transfers made recently. It was reported yesterday that large amount of BTC were transferred in blocks.
The Bitcoin (BTC) transferred in series was totaled to be 496,261.03432146, which represents 2.8% of the total circulating supply.
Some minutes ago, Bitcoin tested $8,200 resistance level, but dropped below in jiffy, as it failed to maintain a stability above the level. At the time of filing this report, BTC is trading at $8,187.56, with 0.68% price increase in the last 24 hours.
Josh Rager Indicates Bitcoin Break out of Channel in Next Few Days
Josh Rager, a popular cryptocurrency analyst took to twitter as usual to share the outcome of his analysis on the latest and short parabolic movement exhibited by Bitcoin (BTC).
Rager clarified his point via the chart he captioned in the post. He averred that Bitcoin is presently revolving between daily support and the top of the channel.
He said “Bitcoin ranging between daily support & the top of the channel…”
He continued by positing that Bitcoin has the tendency of breaking out of the channel in few days’ time. However, he pointed that any break below $8,016 support level would bring BTC price further below.
“…Price has a chance to break out of channel in the next few days, would be a good sign if BTC can break above & flip channel into support. Continuing down in channel & breaking support at $8016 would be bearish.”
Bitcoin ranging between daily support & the top of the channel
Price has a chance to break out of channel in the next few days, would be a good sign if BTC can break above & flip channel into support
Continuing down in channel & breaking support at $8016 would be bearish pic.twitter.com/KWrTpVQjGS
— Josh Rager 📈 (@Josh_Rager) June 13, 2019