Bitcoin Price Analysis
By Tyler Smith – Cryptocurrency Broker
By analyzing the BTC / USD daily chart, we can see that Bitcoin has risen above the $11,000 level once again, showing interest in buying BTC. However, this price increase began to deteriorate as it hit resistance at the 1.618 Fibonacci Extension level. Bitcoin has jumped from around $7,550, its lowest level during June, to around $13,770 at its highest during the month.
For the short term, there's no alternative possibility than the optimistic possibility. Many more users are buying crypto and the recent outburst and momentum will take more than a slight bear market to reverse this uptrend.
The first level of bull resistance will be found at the short term 1.618 Fibonacci Extension priced at $11,176. If the price succeeds over this level of resistance, then it could rise until it hits more at $11,480. Either way, the markets are seeing greater publicity and interest to buy and sell Bitcoin.
Looking at Bitcoin on a slightly longer scale, the price is still inflated when compared to the beginning of May. Bitcoin could still hit some resistance before it is able to resume its upward trend and could see a sentiment in users selling Bitcoin before this happens.
If users continue to buy Bitcoin past the $12,000 level, they could break this level of resistance and continue the momentum once it hits lower levels of key resistance. On the opposite hand, if sentiment increases to sell Bitcoin, momentum down could occur, but you will see support at key levels. Though you can use the data to analyses the markets, they’re always chance for volatility and for the markets to not follow trends.
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