Bitcoin Price Ready for Next Move Up After Rebound Above $8,000
Horus Hughes's original article for cointelegraph.com reduced by 73%
Earlier in the week, crypto-media speculated that the price run-up to $8,473 was fuelled by fear of a war breaking out between the United States and Iran.Then, as the price pulled back after U.S. President Donald Trump declined to further escalate the situation, analysts again attributed the entire boom above $8.4K and the swift retracement to $7,660 to the Iran-U.S. conflict.
Earlier today Cointelegraph contributor Michael van De Poppe cautioned that while the current price action favors bulls with a target of $9,500 to $10,000, there is always the possibility of a fake-out, which would culminate with a strong rejection of the 200-DMA and descending channel trendline, leading Bitcoin price back to the lower support of the descending channel around $6,400 to $5,800. Today's move back above $8,000 also brought the price to the top of the upper Bollinger Band arm which is lined up with the 200-DMA. If bulls are unable to supply enough volume to push through this zone and up to $8,300, there is an increased chance that the price could drop back to the 50-DMA at $7,600 where the 61.8% Fibonacci retracement is located.
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CN [too long; didn’t read]
Summarised crypto news.