Bitcoin and the entire cryptocurrency market are still incredibly hot, with many tiny altcoins seeing unprecedented daily returns while major assets like Ethereum and BTC continue slowly pushing higher.
It appears that this latest upswing is different from those seen in months past, as there has yet to be a “rug-pull” scenario that results in the crypto seeing a sharp retrace.
While looking towards Bitcoin’s monthly candle, one analyst is noting that the cryptocurrency is about to post one of the strongest seen since late-2017.
He also notes that this will be the first time BTC has closed this candle above $10,700 since December of 2017.
At the time of writing, Bitcoin is trading up just under 1% at its current price of $11,110.
BTC has been trading around this price level throughout the past few days, struggling to gain any clear momentum from here.
It does face some heavy resistance in the mid-$11,000 region, but it may be building up strength as it consolidates above multiple crucial support levels.
In order for it to push higher, the two key levels that must be broken sit at $11,400 and $11,600.
Ethereum’s push towards $350 today helped provide a tailwind for BTC, but it remains unclear as to how high this will ultimately lead the crypto.
He also notes that this will be the first time it has closed above $10,700 since mid-December of 2017.
“Good time to zoom out & take a deep breath… 1M chart looking to close above $10.7k for the first time since Dec 2017… which was the only time it did so. $14k next line in the sand. 1W chart shows intermediate resistance at $11.6k with a BTFD zone from $9.7-10.7k.”
Image Courtesy of HornHairs. Chart via TradingView.
This may provide Bitcoin with the boost it needs to continue pushing higher.
Featured image from Unsplash. Charts from TradingView.
Published at Fri, 31 Jul 2020 23:00:50 +0000