Update: August 3rd – As predicted the Bitcoin price bounced at $11.200 Now lets wait for the lift-off. As BillBull woud say: ” 3..,2..,1.., ignition…”
Bitcoin traders have seen prices of over $19,000 and as low as $ 4,000O in the span of one year. After that it has stayed quite for a long time. On a technical level is Bitcoin struggling to gain momentum above the $11,200. But Bitcoin traders are all hoping that it will break that level and finally push up to the magic $20,000. As with all commodities we believe that in the long run prices will go up due to inflation. The queston is: How long will it take?
A warning, bitcoin trading is the buying and selling of bitcoin. There is a new market with a dynamic force and the volatility it experiences as it settles into the global market. The volatility (ups and downs) surrounding bitcoin trading creates the possibility to benefit from high yields and also collect high losses!
From Tradingview about the bitcoin prices at the moment:
- BTC is currently correcting lower and it could test $10,700 before a fresh increase.
- Bitcoin is showing signs of a downside correction below the $11,200 level.
- The price is likely to find a strong buying interest near the $10,700 level.
- There was a break below a crucial bullish trend line with support near $10,900 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start a fresh increase as long as it is above $10,700 and $10,300 in the near term.
Bitcoin Price Correcting Gains
After a downside correction from $11,400, bitcoin found support near the $10,700 level against the US Dollar. BTC remained well bid above the $10,700 level and the 100 hourly simple moving average.
It climbed back above $11,000, but it struggled to gain strength above the $11,200 level. A high is formed near $11,195 and the price is currently correcting lower. It traded below the $11,100 and $11,000 levels.
