The Bitcoin price action is rather lackluster as it enters the weekend, mainly trading sideways in a relatively tight trading range between $ 7,000 and $ 7,700.
Today, BTC had generated some hot price increases that allowed it to rise to $ 7,400 before it met some resistance that caused it to fall slightly. If Bitcoin closes above $ 7,340, the rally can extend further.
At the time of writing, Bitcoin is trading up slightly at the current price of $ 7,290, marked a remarkable increase from a recent low of just over $ 7,000 set during the sharp decline on December 27, and down slightly from the daily high of $ 7,400 that was set just a few hours ago.
Source: Trading View
Over the past few weeks, Bitcoin’s bulls have made a lot of effort to push the asset to the region above $ 7,000. Still, each of these efforts has encountered considerable selling pressure that has led to the formation of large wicks (usually a sign of price drop).
Even so, the bulls were able to defend BTC from a return to the $ 6,000 zone, which means buyers can push cryptocurrencies sooner.
Popular analyst Jacob Canfield explained that $ 7,340 is important. If the BTC price can close above this level, it can be confirmed that the bulls are currently in control.
Nothing too crazy here. Hoping for a $7340 break on a $7277 entry.
Reduced my risk to .3% on account of the stop hunts lately
Raised stops to lock in profit.
Looking to TP at 7400 for a .6BTC profit and potentially flip short around $7450/$7500.
Need to see the reaction there pic.twitter.com/41njd2Cvwq
— Anon Cartoon Not Jacob Canfield (@JacobCanfield) December 28, 2019
It is important to note that some analysts believe that the current price of Bitcoin will be a long-term peak for cryptocurrencies. Another analyst, Storm, recently stated that BTC is now looking like ‘toppy’ (reaching unsustainable highs).
$BTC.D looks very toppy at these percentage points.
What’s your take on it? Am I missing something, head hit concrete? pic.twitter.com/1XsDFwRdzm
— storm (@stormXBT) December 28, 2019
Bitcoin price will never be below $ 6k again
The Head of Capriole Investments Charles Edwards claimed Bitcoin had entered a potential 50x profit cycle.
Edwards stated that he found an extremely rare indicator of Bitcoin’s network difficulty, “Hash Ribbons,” and it has been proven that it only happened ten times in the history of blockchain.
Hash Ribbons Buy confirmed.
This is just the 10th time these conditions have been met for #Bitcoin.
It is highly likely we never see $BTC under $6000 ever again.
All other occasions saw an average gain-to-cycle-peak of +5000%.
Now is the period to Buy Bitcoin and never sell. pic.twitter.com/hSH9BtRhsj
— Charles Edwards (@caprioleio) December 28, 2019
According to him, it is highly likely we never see BTC under $6000 ever again. All other occasions saw an average gain-to-cycle-peak of +5000%. Now is the period to Buy Bitcoin and never sell.
Returns of the Hash Ribbon Indicator
Disclaimer: This is not trading advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
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