Bitcoin [BTC] is continuing to hold support above $11,000 and rose steadily during the weekend to gain about $400. The price of Bitcoin at 4: 15 hours UTC on 8th July 2019 is $11.419. It is trading 3.63% higher from Friday.
According to Tone Vays, Bitcoin is looking strong for a reversal but it is still in the no-trade zone. Break above the 62% or a break below the 38% Fibonacci levels from its All-Time high will be critical indicators according to him. The Fibonacci Resistance and support are at $13,346 and $9441 respectively.
Tyler Jenks, who had recently suggested that Bitcoin could break bearish from hyper-wave analysis, is suggested similar sentiments as Bitcoin is looking to break above the trendline near $12,400.
BTC/USD 4-Hour Chart on Bitstamp (TradingView)
Moreover, on the 4-hour Chart Bitcoin has been forming lower highs at the moment. Hence, is imperative for Bitcoin to break this trend to reach new yearly highs. Moon Overlord, a chart analyst tweeted,
The one thing that’s concerning to me about #bitcoin is the consistent lower highs in this market structure
Moreover, Bitcoin is also testing attempting to break resistance above $11,650 which is a bullish signal. B.Biddles, crypto-analyst, and trader turned has expressed bullish sentiments because of this trend, he tweeted,
Here’s why I’m still bullish. First time we crossed this resistance, we got rejected to 10.3. The next time, 9.6 (lower lows, bearish!). But wait — what’s this? — the next time, 10.75, and now, today, 11.0. We keep retesting resistance. Reactions get less and less severe.
Bitcoin Price Analysis (Source)
B.Biddles target for Bitcoin is currently $16,000.