BTC price has made huge bullish moves on the market, climbing for another $1,000 and with that, passing the important level of $8,000.
On the daily chart, it is noticeable that the upper edge of the flat triangle has been pierced, from which the price fought several times before. However, do not be overly optimistic – perhaps it’s a trap. Suffice it to recall how the lower edge of the same triangle was broken two months earlier. Then most of them no longer doubted that the price would drop to $5,000, but the trend changed radically.
An important moment was the second rejection of the SEC in the launch of the bitcoin-ETF by the Winklevoss brothers. Such an exchange investment fund would ensure the inflow of institutional money and, as a consequence, the growth of market capitalization.
From the positive: the important psychological level has been punched, also there was a rebound from the high at $8,450 to the mark of $7,800. This means that there was a fixation of positions: who wanted to – went out, the others stayed and it is likely that the price will go smoothly higher.
In the case of the implementation of the “bull” scenario, buyers may encounter a strong resistance at about $10,000. That is, the path of almost $2,000 is almost free.
“Ether” spent a week in flat, and not having decided on the direction of the movement. At the same time, many altcoins “fired”, respectively, ETH sank in relation to them in price. I expect the growth of Ethereum activity against the background of other coins, including bitcoin.
For a confident upward movement, it needs to overcome the $514 mark.