Bitcoin Remains Above $7,200 For 3 Days; Where is the Market Headed?

[Zurcemozz]

Where is Bitcoin Going Next?
Based on the simple trend Bitcoin has recorded since January, the solid short-term recovery of BTC from the $6,000 mark to the $7,200 resistance level should be sufficient to lead BTC to test major resistance levels at $7,500 and $8,000.

The reversal of moving average convergence divergence (MACD) in the low price range of BTC at $7,200 suggests that $8,000 is the next short-term target for Bitcoin as shown in the weekly chart of BTC below.

One concern is that in previous recoveries from the $6,000 mark, Bitcoin price has climbed to the range of $8,000 to $10,000 relatively quickly. Since early August, BTC has initiated a slow rebound from the $6,000 mark to $7,300, without significant spikes on the upside.

Flood, a highly regarded technical analyst within the cryptocurrency community, stated that the close of the 3-day candle of BTC on September 3 is optimistic and that it may trigger the price of Bitcoin to rise in the short-term with solid support.

“Beautiful close. Rally from yearly lows intact. Next 3D close will be massive for $BTC especially given the huge short open interest. Low volatility with a huge cash buyer providing support. I think it’s unlikely the shorts are a massive ‘synthetic put’ ‘ala OKEX style,’ he explained.

Both 3-day and weekly candle charts of BTC demonstrate a movement to the upside for the dominant cryptocurrency in the short-term, especially if the volume of the currency can hold up in the $4 to $5 billion range.

Read more : https://www.ccn.com/bitcoin-price-remains-above-7200-for-3-days-where-is-market-headed-to/