Bitcoin Bulls are Still in the Action
Saturday, Bitcoin gained 0.84% to end the day at $8,483.2.
It was only the 2nd positive day last week that has left Bitcoin down 12.2% Monday through Saturday.
Friday saw Bitcoin fall to an intra-day low and new low $8,204.4 before a late morning recovery, Bitcoin managing to avoid the day’s 1st major support level at $8,158.17 and the risk of falling back to sub-$8,000 levels for the 1st time since 19 April.
Bitcoin’s late morning move to an intra-day high $8,631.7 fell short of the day’s 1st major resistance at $8,842.47 and the 23.6% Fibo Retracement mark at $8,730.
The day’s swing low at $8,204.4 supports the near-term Bearish trend formed at 5 May’s high at $9,999.
This Summer regulators the world over expected to roll out regulations on cryptocurrencies and ICOs.
Currently Bitcoin is trading at: 8,418.9951,-41.0098, or -0.48%, as of 5:20a BST, the market is open
For the week ahead, a move back through to $8,500 levels would support a run at the 23.6% Fibo Retracement mark at $8,628.
Bitcoin may then leave the Monday’s 2nd major resistance at $8,867.07 untested to mark a 2nd day running that Bitcoin fails to break through to $9,000.
As it is now, the near-term Bearish trend is intact, with Bitcoin needing to break out from the 38.2% Fibo Retracement mark at $8,890 through to $9,000 to reverse the near-term trend.
We will be focused on regulatory news from SKorea this week.
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Have a terrific week