Main to remember
- Bitcoin has jumped above $ 100,000 nearly for the first time since early February.
- The strong escape on Thursday above a consolidation period opens the ground for a potential hold of the record of the $ 109,000 record in the cryptocurrency at the end of January.
- Investors are expected to look at areas of crucial general costs on the Bitcoin graph of $ 107,000 and $ 120,000, while monitoring key support levels close to $ 100,000 and $ 92,000.
Bitcoin (BTCUSD) will remain under the spotlight on Friday after exceeding the level of $ 100,000 with $ 100,000 closely for the first time since early February.
The inherited cryptocurrency joined the actions after President Donald Trump announced that the United States had concluded a trade agreement with the United Kingdom, the president also said that new transactions could be on the way and expressed optimism concerning commercial negotiations with China which should take place this weekend.
The Bitcoin Prize had dropped sharply between February and April, weighed down by uncertainty about the prices and their potential impact on the economy, as well as the disappointment concerning the pace of the Trump administration reforms to support the cryptographic industry. With the last wave, Bitcoin is almost 40% above the bottom and the increase in last month and 10% compared to the start of the year.
Bitcoin was negotiated at $ 102,700 late Thursday evening, against an intrajournal hollow of around $ 96,000.
Below, we take a closer look at the Bitcoin graphic and apply a technical analysis to identify the crucial price levels to monitor.
Save
After recovering the mobile average (MA) of 200 days last month, Bitcoin exchanged in a period of close consolidation before the strong escape today above the $ 100,000 mark. This decision opens the ground for a potential holder of the record for the cryptocurrency recorded at $ 109,000 at the end of January.
Meanwhile, the relative force index confirms the bullish price momentum with a reading higher than the 70 threshold, although the indicator also warns the excessive conditions which could lead to a profit in the short term.
It is important to note that trading volumes in Coinbase (corner), the greatest crypto exchange in the United States, have decreased since the Bitcoin movement began in early April, indicating that the largest players on the market could be seated at the current rally.
Identify two crucial air areas on the Bitcoin graph which is worth observed while locating the key support levels to monitor.
The general costs that are worth watching
The first aerial area to watch is about $ 107,000. This location will probably draw significant attention near the December and January peaks which marked a double model on the graph.
Investors can provide an air area to monitor the cryptocurrency record above the analysis of bar models.
To apply this technique, we take the price bars including the higher Bitcoin movement which preceded the recent consolidation period and reposition them from today’s breakdown. The analysis projects a potential increase in the increase of approximately $ 120,000 assuming that a continuation decision takes place.
Key support levels to monitor
Taking short-term profit could see the price of the cryptocurrency revisit the level of $ 100,000. After today’s rupture above this key psychological area, the region can move from the resistance prior to future support.
However, the inability of bulls to successfully defend this level could trigger a greater retirement from the Bitcoin price at $ 92,000. This region finds a confluence of support for the master’s ascending slope of 200 days upwards and a line of trend that connects a range of corresponding trading activities on the graph which dates back to the end of November of last year.
The comments, opinions and analyzes expressed on Investopedia are for information only. Read our guarantee and our notice of responsibility for more information.
To date, this article has been written, the author has no titles above.
