It has been a while I have not given any news. I wanted to come back to the last time I wrote about the price of Bitcoin. The price went down to my first target and then went a bit lower before bouncing back.
It was a fast move that was as expected. Now, the price of Bitcoin vs the US Dollar is again on the rise. So what can we expect net.
I am looking at the short-term chart of Bitcoin. It looks like there is some more room for a rise. The next resistance level is 7600.
From there on it really will come down to price action. There are two potential scenarios that I expect to see.
If price shows a sign of rejection around the level of 7600, it could bounce back and come down to at least 7000. If this level does not hold, it will go down even lower and might end up back to the 5500 barrier.
If price manages to break through the 7600 barrier, I will be looking for how it behaves around the 8000 level. As a psychological level, the 8000 level could also act as a barrier. So, traders should be extremely careful around this level, as well.
If price action confirms its bullishness above the 8,000 level, then we might see price continuing its uptrend to 10,000.
From here, you can conclude that the price of Bitcoin although overpriced, seems located reasonably within a good range that could lead to further gains. Price action will help us determine the future path of the BTCUSD. For now, it is important that traders concentrate their attention around three key levels: 7000, 7600, 8000
Have you checked out our previous article on Bitcoin for Beginners