Bitcoin: The Powerhouse Of The Crypto Market
Yesterday, Bitcoin reached $8,000 milestone. What does it mean for the most expensive cryptocurrency in the world? Will we see the further growth? What can we expect?
Last time, we analyzed the chart of EOS, the fourth biggest cryptocurrency in the world. Thanks to the new 2019 price record, we can check out Bitcoin once again today.
The stable growth
The capitalization of the cryptocurrency market is constantly growing with the dominance of Bitcoin, which gained over 10% daily and very quickly found itself at the resistance appointed in November 2018. Lately, we could witness the power of buyers, who did not allow the supply site to be activated, even at the technical resistance. That raises a question whether the bulls will not let go and the demand will be unstoppable. To what extent current increases are determined by the strength of the market, and how much they can be manipulated by social behavior?
The last year’s channel, shaped between May and November, was only the theoretical place from the point of view of technical analysis for the attempt of rebounding the demand power. The supply did not show any significant activity that would be able to stop the upward trend. Another resistance at 7350 was also crossed without any complication. Currently, BTCUSD is in a place that stopped increases in August 2018, complementing the downward trend line.
If in this situation the buyers are not stopped by the supply side and the profits are not made, the upward trend will continue. We could talk about a possible change in the investors moods if there was the abreaction and calming the demand, and thus a recession to the fierce resistance at the level of 7.350 or 6.800, and consequently 6.000. The nearest hours and days will be crucial in recognizing the strength and dominance of the market.
We could speak of a possible change in investor moods if there was a recovery and calming of demand, and thus a withdrawal from forced resistance at the level of 7350 or 6800, and consequently 6000.
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