The weekend has been extremely bullish for bitcoin price, which has surged to a new 2019 and thirteen month high. Those gains have held into Monday morning in Asia and analysts are now scouring the charts looking for the next move for BTC.
Bitcoin Price Painting a Bullish Picture
Bitcoin has held on to most of its weekend gains and remains over $9k during the morning’s Asian trading session. Yesterday’s surge of 8% from $8,600 to top $9,300 has lifted the king of digital assets to new highs not seen since early May 2018.
Over the past 24 hours, BTC has retested $9,300 twice before a minor pullback to $8,830. It has currently recovered back to 00 and looks set to retest resistance again.
As usual, traders and analysts have been scouring the charts looking for the next levels of support and resistance. It appears that a previous high from May last year and a crucial Fibonacci level will come into play as the next major resistance level to be overcome before bitcoin can consider five figures. Trader Josh Rager has been looking at the charts.
$BTC Strong Weekly Close. Bitcoin has been extremely bullish & foresee a test of the major resistance between $9500 to $9600, the 0.382 fib (is a typical “take profit” area is at $9532). But last time everyone expected a major pullback in the $6ks it busted right through to $7k+
$BTC Strong Weekly Close
Bitcoin has been extremely bullish & foresee a test of the major resistance between $9500 to $9600
the 0.382 fib (is a typical “take profit” area is at $9532)
But last time everyone expected a major pullback in the $6ks it busted right through to $7k+ pic.twitter.com/idE56HPEpo
— Josh Rager (@Josh_Rager) June 17, 2019
Max Keiser also doubled down, maintaining his ambitious price target saying that there is ‘hardly any bitcoin for sale at all” before here and $28,000.
Will the Uptrend Continue?
A big profit taking session from day traders is likely to send BTC correcting back to the high $8,000s. However, as pointed out above, many also expected a massive correction back to $6k which has yet to materialize. Looking at next moves for BTC, analyst ‘Big Chonis’ added.
one more step up the mountain as #bitcoin hits right at the 38.2% fib resistance making it the next target for the bulls to close over and also makes maintaining the 23.6 fib support that much more important for overall continuation…
$BTC – one more step up the mountain as #bitcoin hits right at the 38.2%fib resistance making it the next target for the bulls to close over and also makes maintaining the 23.6fib support that much more important for overall continuation… pic.twitter.com/QTX2gUKGLi
— Chonis Trading- (@BigChonis) June 17, 2019
The 23.6% Fib level for the big picture currently sits just below $7k so a correction back to this will be a huge move. At the moment the sentiment is bullish despite last week’s new from Binance that US customers will be forced to migrate to the soon-to-be-launched ‘Binance America’ for regulatory reasons.
A new high for the year could be imminent as the often expected ‘Red Monday’ following a strong weekend has yet to materialize. Most crypto assets are still in the green today and total market capitalization is at $284 billion, which is also around the highest it has been this year.
Will bitcoin hit five figures this week? Add your thoughts below.
Images via Shutterstock
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