The last 10 days have been incredibly positive for Bitcoin after the bad start of the year. At the moment, the crypto hit price is about $ 8860 and is on a rising trendline, and all technical indicators indicate that the more likely direction is up. Buyers are starting to recall momentum, with a current target of about $ 9,000, which is also the upper limit of the trendline.
However, if the power of the vendors outperforms that of buyers, the first stop is about $ 8600, then $ 8470 and $ 8338, the last one coinciding with the lower limit of the channel. Bitcoin lower values may still attract new buyers to raise their value again.
The market situation looks good, with the big Crypto exchanges pointing out that nearly 92% of the orders are for Bitcoin purchase, and only 8% are selling. The positive attitudes generated by the news of major investments in the crypto industry have also led to some analysts predicting reaching the highest levels since last year by the end of this quarter.
Overall, there is a higher risk appetite in all markets, indicating that traders are willing to speculate not only on traditional financial instruments such as stocks, bonds and commodities, but also on more risky ones, including crypto.
The analysis is for informational purposes only and does not constitute advice, recommendation or offer to buy or sell Bitcoin, any other crypto or financial instrument. SuggeElson Ltd is not responsible for any losses after the use of the current analysis. Invest wisely and only amounts that you can afford to lose.
Screenshot - Tradingview