Crypto price analysis 8/1: Bitcoin closes weekly above $ 11,500 will give momentum to reach ATH plus BCH, EOS, VET
Bitcoin’s price has surpassed $ 11,600 for the first time in 12 months, buoyed by rising market sentiment. When BTCUSD showed strong momentum, investors believed that there was little resistance up to $ 15,000.
Bitcoin soared to as high as $ 11,763 on BitMEX in an unexpected weekend price move. It has also filled the CME futures gap at around $ 11,630, usually not occurring over the weekend.
Bitcoin is rising higher again. Over the past few hours, the leading cryptocurrency has begun to test annual highs at $ 11,500. And just a few minutes ago, BTC reached a local high of $ 11,700 after buying pressure increased.
It is not clear whether this demonstration will be sustainable: Bitcoin has not yet closed above $ 11,500 on any longer time frame, such as 4-hour, 12-hour, or 1D charts.
Analysts said that the strong rise of Bitcoin above $ 11,500 is paving the way for a bigger step forward for price increases.
Trader “Pierre” shared a chart that shows BTC reclaiming $ 11,500 – or more specifically $ 11,463 – into its weekly and monthly time frame that will give momentum to leave Bitcoin with little resistance until the $20,000 all-time high.
“Few hours to go before a massive monthly close. Few days to go to close the weekly above 11.5k personally wouldn’t have any problems with the Ear of maize hovering between 10k and 11.5k if that’s what needed for sustainable growth to ATH.”
Source: Pierre / Twitter
The importance of $ 11,500 for the long-term Bitcoin bull case has been repeated by trader “Nunya Bizniz.” He points out that on a structured fracture structure taking data takes input from all of the previous rally cycles of BTC, Bitcoin surpassing $ 11,500 will lead to a comprehensive growth market:
“This structural fractal and its current level seem to align well at around $11.5K with the 50% fib fractal I posted yesterday. Different charting techniques that converge on similar price levels lend them credence. What do you think?”
Source: Nunya Bizniz/ Twitter
BCH price has registered a significant increase in the last seven days. In fact, it has increased by more than 33% since July 25. This is an interesting development because, since the March 12 crash, BCH’s price action has been limited to between $ 215 – $ 269. However, a much-needed demonstration took place this week.
Altcoins often tend to closely imitate Bitcoin’s price action. When King Coin surpassed the coveted $ 11k mark, BCH also followed.
According to the daily chart, the price of BCH has broken out of the descending channel formation. The price was confined in the formation in April, and as expected, a rally took place that allowed BCH to pass and sustain above $ 300. As the price continues above the uptrend, it is likely to hit the immediate resistance at $ 341 – a price BCH last accessed in early March of this year.
In the coming weeks, if the $ 341 resistance fails to breakout, BCH may suffer another round of price adjustment. Accordingly, BCH can see its price drop to the next strong support at $ 265. Below this level, BCH can rely on the other two supports at $ 236 and $ 215.
The MACD experienced a bullish crossover a week ago and a seemingly unlikely reversal at press time. The RSI indicator is also signaling a similar sentiment when it is in the overbought zone.
EOS has increased since March 13. The price reached the resistance zone of $ 3.10 on April 29 and started a bearish move that lasted until July. After that, the price started an ongoing bullish move and brought the price back to the $ 3.10 resistance level once again.
While the price has created some long upper wicks in this area, the indicators are bullish. The MACD is rising, and so is the RSI, though it is overbought later.
The price is trading on both the 50- and 200-MA, which are close to making a bullish cross. If the bulls succeed in breaking out, the next resistance will be found at $ 3.90, while the nearest support is located at $ 2.72, which coincides with the 50-day MA.
The short-term chart shows that since June 18, the price has created an ascending support line that is steeper every time it starts a bullish move.
Both lines have been broken, so the move may continue.
VET has increased by 214% since the beginning of the year, and there seems to be more room for growth.
Indeed, the VET’s price action seems to be forming a descending triangle over the past few weeks. Horizontal trend lines are forming along with a low swing level while descending trend lines are forming along with high swing levels. By measuring the distance between the highest points of this technical formation and adding it to the breakout point, it predicts a price increase target of 34%.
However, the TD Sequential indicator shows that the VET price will remain in the triangle for a long time before a breakout. This technical indicator presents a sell signal in the form of a green nine-day candle on the 4-hour VETUSD chart. The bearish formation can lead to a correction of one to four candles or the start of a new downward countdown.
It is worth mentioning that in the past few weeks, each TD setup gave a sell signal around the hypothesis of the triangle; the price has retreated to the x-axis before rebounding. If history repeats, VET may drop to the support level of $ 0.0155 and then bounce back to the overhead resistance and possibly breakout.
Despite the bullish outlook that VET is currently presenting, investors must be aware of the strength of the x-axis of the descending triangle. A break of this support will endanger optimistic prospects and lead to further losses. On the way down, altcoin can find support around the $ 0.01 barrier.
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