It’s expected that the leading cryptocurrency should be making further gains, or at least according to some bitcoin analysts…
Over the past week, bitcoin has been very volatile (as usual) as it stooped towards $9k for a short while before skyrocketing back above the $10k key resistance level.
Now, bitcoin is looking like it could see further gains towards $11k as analysts have highlighted the likeliness of this happening in the near future. Some have claimed we would see a pullback though, but not before we see BTC at $11.2k.
Before we go any further though, it’s worth saying that we aren’t financial investors and this isn’t financial advice. Please do your own research before putting your money in a cryptocurrency and always remember to trade safe!
Bitcoin has previously shown that it can be a strong level of support, so Bitcoin’s ability to reclaim this level is a bullish sign that could suggest that further continuation of its recently incurred upwards momentum is just around the corner.
A popular crypto analyst on twitter dubbed The Crypto Dog, shared his bullish sentiment on bitcoin explaining that he doesn’t see a “reason to short BTC before $11,200,” while pointing to a chart that indicates a descending trendline that the digital currency is yet to touch.
“I’ll echo the same thoughts as everyone else – I see absolutely no reason to short $BTC before $11,200.”
Another trader under the name, Mr. TA has said:
“A shakeout just under resistance (10807) and strong buying back. Looks to me like consolidation under resistance before going up to test 11000. Already in a long from 10440 targeting 10790. Probably gonna be a bit more flexible with that and take profits at 10900.”
It will be interesting to see where bitcoin goes from here. For more news on this and other crypto updates, keep it with CryptoDaily!