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#1 23-12-2019 17:07:09

johnedward
Admin & Trader
From: Paris - France
Registered: 21-12-2009
Posts: 2703
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Bitcoin: It enhanced its rebound on Sunday, what's next?

Bitcoin: It enhanced its rebound on Sunday, what support and resistance levels do we need to watch out for?


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On Sunday, the price of Bitcoin accelerated its rise from $7,114 to $7,641, recording a 7% gain and a surprisingly strong weekly close, which led some analysts to suggest that a reversal is underway on the world's leading crypto.

The strong upward movement has brought the price above the $7,400 and $7,600 resistance levels, meaning that traders will now look to close above $7,600 and then shoot for the $7,800 resistance level.

As the crypto-currency jump took place on Sunday, there is now a CME futures price gap at $7,230, which, according to recent price action, will likely seek to close at some point in the future.

The price stopped just above the 50-day exponential moving average (EMA) and traders will have noted the bullish divergence on the daily MACD. If the price can rise above the 50-day exponential moving average (EMA), further gains towards $8,000 seem likely.

The $7,600 move also appears to have pushed the possibility of Bitcoin's price returning to its recent lows below $7,000, and the 4-hour chart shows that the price needs to return above $7,600 and reach a high above $7,850 to confirm the upward movement.

Lastly, it should be noted that Bitcoin is currently posting a 4.6% increase in the 24-hour chart and a 6.33% increase on the one-week chart.

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