Bitcoin Closes Weekly Candle Above $8,400, Stage Set For $9,600 Push

After breaking from $8,000s grip on Sunday, Bitcoin (BTC) skyrocketed to $8,750 in a jaw-dropping move. While the bullish momentum has slowed for the time being, with BTC beginning to consolidate in the short-term around $8,700, some are sure that the cryptocurrency market will continue to print higher as the week elapses.

Related Reading: Binances CZ Expects Bitcoin To Break From $8,000 Range: Will It Happen?

Bitcoin Closes Above $8,400

Earlier today, BTC suddenly broke over, shooting past $8,200, $8,400, and $8,600 in rapid succession. Initially, though, some were wary that this was a fakeout, designed to trap bulls into thinking there was going to be a strong weekly close above $8,400. $8,400 is, of course, where this market topped in a bear market rally in mid-2018, and where BTC double topped in early-May.

The thing is, there was a chance that Bitcoin was going to rapidly scale back just as fast as it jumped up.

But, just minutes ago, Bitcoins weekly candle closed at midnight (UTC time zone), marking a strong performance over the past week. As analyst Nick Cote quipped on Twitter in response to this close, that weekly print. According to LiveCoinWatch, Bitcoin is up 6.75% on the week.

So whats next? Well, now that the weekly candle has closed decidedly bullish, some are adamant that anywhere to $9,600 to $10,000 for BTC is in the cards. Josh Rager, a team member at Level and a popular analyst, recently noted that now that the close was strong, he fully expects for a move to $9,600 to come to fruition. As he wrote in a recent tweet: Goodbye meme triangle, hello $9k+ targets. Bitcoin could cool off, run sideways but IMO will continue to move up over $9k.

Some have been a tad more optimistic. Adamant Capitals Tuur Demeester exclaimed last week that Bitcoin continues to hold in a bullish parabola, which has acted as support for BTC since December 13ths jaw-dropping bottom.

In fact, the asset touched the parabola in February, late-March, early-April (to kick off the current rally), throughout early-May, and just last week. If this trend continues, the Adamant representative suggests that Bitcoin could rally by 40% around $3,000 from current levels to hit $11,000 by early-June. This begs the question is crypto winter finally over?

According to Fundstrat Global Advisors Tom Lee, this might just be the case. In a recent Twitter post, the Fundstrat head of research gave 13 reasons why the bear market is over.

Some of these important reasons include the fact thatBitcoin quickly returned to $8,000after the $1,700 dump on Bitst the Bitcoin Misery Index passing above 89, a sign only seen in bull markets; a grow in on-chain activity and volumes, which historically have preceded rallies; and the fact that Bitcoins chart recently saw a bullish golden cross pattern while BTC moved above its 200-day moving average in spectacular fashion.

Featured Image from Shutterstock

The post Bitcoin Closes Weekly Candle Above $8,400, Stage Set For $9,600 Push appeared first on NewsBTC.

26.05.2019 / 17:30 85
Crypto Analyst: Bitcoin May Monthly Candle Close Confirms Bull Market or Accumulation Crypto Analyst: Bitcoin May Monthly
As Bitcoin price nears closer to important resistance at $6,000, its clear that the leading cryptocurrency by market cap is at an inflection point,
Bitcoin (BTC) Closes April Up 30%, Can The Momentum Continue? Bitcoin (BTC) Closes April Up 30%, Can
Bitcoin Monthly Candle Closes Strong Just the other day, the April monthly candle for Bitcoin (BTC) finally closed. It marked the third month in a
Bitcoin (BTC) Price Looks Primed For New 2019 Highs Bitcoin (BTC) Price Looks Primed For
Bitcoin price completed its fifteenth week of 2019 overnight and once again the bulls managed to print a higher high on the candle close we take a
Bitcoin Price Bulls Show Up on Saturday, Push BTC Back Above $5100 Bitcoin Price Bulls Show Up on
BTC bulls continue to push the bitcoin price higher, with the market-leading cryptocurrency up 2.56 percent on Saturday as of this writing. Bitcoins
Bitcoin Price Analysis: Bears Look to Trap Bulls Into Weekly Close Bitcoin Price Analysis: Bears Look to
As the Bitcoin price weekly candle draws towards a close for the week we take a look at what the performance over the week looks like going into the
Bitcoin Price Analysis  Bulls Blast Through $4K But is a Correction Imminent? Bitcoin Price Analysis Bulls Blast
Bitcoin price continued surging through the early hours of Sunday morning, making new highs for 2019, up 1.9% at $4190. As we head into the weekly
Comments (0)
Add a comment
Comment on