When yesterday's day candle closed at +13.26% amounting to Bitcoin above USD 8700 per item, hodler's heart beat more strongly. When today before eight o'clock Bitcoin hit almost 9,500 USD in the eyes of many cryptocurrency lovers lit up dollars. Articles about the end of the correction began to appear in the headlines. However, with the opening of markets in Europe, the time has come for profit taking and just as expressly as the rate soared early in the morning, began to peak down and, consolidating support at 8500, consolidates.
A lot of people are asking the question right now? What's next? Is this the end of BTC increases? Will we see an attack on the annual high (~10500)?
We do not know the answer to this question. We can only present a potential price behavior scenario. We invite you to read the short-term analyzes of TRQPro team members.
According to Majkel a price output on an above average volume may indicate the strength of demand and the potential for a possible change in trend. However, for this to happen, several conditions should be met. First of all, the supply during the "loosening" of indicators cannot absorb the demand response we have had in these last 2 days. From a technical point of view, for "healthy" growths and another attempt to break resistance at $ 9432, a good re-accumulation process would be needed to refuel before the next move. In addition, to talk about continuing movement, the price should not break EMA 200 (turquoise). However, if none of the above conditions is met and the supply gains an advantage and breaks the average, then I would expect a test of 7658 $ - and after breaking it $ 7277. At the current rate dynamics, I think the answer to the question "what next ", We'll know within 6-9 days. We are currently above the cloud of exponential moving averages determined by the average of 26, 50 and 100, which is a positive premise for further Bitcoin appreciation. Important places are marked on the chart below.
Tomfly is a bit more sparse in words, but believes that the key level of support that should be maintained to think about further increases is 7700/7900. If it lasts, then there is a good chance for further growth towards 10,000 and further on 11,200. We are currently testing the downward trend line from below - hence today's response. Tomasz draws attention to the possibility of fake-out, i.e. false breaking upwards under 10,000 and then back to the trend line and correction to the level of 7900 $. In the chart below Tomasz has marked the potential possibilities for you.
As you can see - further increases are still possible - it is important that the correction of the current growth impulse is not too deep. The strong volume accompanying the release from yesterday gives hope for further appreciation. You have to be patient. The next few days will be interesting!