Bitcoin conquers level – could still crash to $16K
Bitcoin has entered a strong upward trend in the period following the recent sell-off, with the bulls having largely absorbed the selling pressure.
After falling to lows at $16,400, the crypto currency experienced a massive rally that has now taken it above $18,000.
Bitcoin’s current momentum shows little sign of slowing, and there is a strong likelihood of further rallies in the near future.
However, one trader notes: “It is now imperative that the bulls hold Bitcoin above $17,700-17,850.
He points out that a breach below that support could cause Crypto Nation Pro to be pulled down to the $16,000 region.
Bitcoin and the rest of the crypto market is currently in a rally – even the recent Bitcoin sell-off has done little damage to the market as the bulls try to make up for all losses.
BTC is now trading above $18,000 again and shows no signs of slowing down. Should this level become a support, it could allow for considerable further growth in the coming days and weeks.
One trader is now commenting that holding above the upper $17,000 region is crucial for the market to move higher – and that a breach below this price range could open the gates for a decline towards $16,000.
Bitcoin gains momentum, bears falter
Currently, Bitcoin (Buy Now? Click here for instructions) is listed at a price of $18,455. This represents a remarkable increase from the lows of $16,400 reached at the end of the recent sell-off.
The strength the aggregate market has seen lately seems to indicate that further upside potential is imminent – and that this recent sell-off was simply another “buy-the-dip opportunity.
For this to be confirmed, however, BTC must show signs of stability in the coming days and weeks.
Trader: For a further upward trend, BTC has to stay in the upper $17,000 region
One trader tweets that Bitcoin must remain stable above $18,000 for the market to maintain its momentum.
He points to the upper $17,000 region as the key support area and comments that a downward breach could open the gates for a move towards $16,000.
“The key level to maintain is the $17,700-17,850 level. If that is lost, we will probably see the 16 again.”
Picture courtesy of Michaël van de Poppe.
The coming days should give some insight into the strength of this ongoing upswing. A sustained upward trend should allow for further significant gains in the coming days and weeks.