Bitcoin Remains Above $7,200 For 3 Days; Where is the Market Headed?

[SuperBazooka]

Bitcoin Remains Above $7,200 For 3 Days; Where is the Market Headed?
Since early August, Bitcoin has shown a level of stability it hasn’t seen since early 2017. Throughout this week, bitcoin price has remained above the $7,200 mark.

Since Sunday, the cryptocurrency market has not seen any major movement to both the upside and downside, possibly due to the lack of momentum and volume in Bitcoin, Ethereum, and other major cryptocurrencies to initiate a strong mid-term rally.



But, the stability shown by Bitcoin could be considered as a positive indicator for mid-term recovery, as it is highly unlikely for any asset, commodity, or currency to see a major trend reversal following a 70 percent correction within a period of several weeks.

Where is Bitcoin Going Next?
Based on the simple trend Bitcoin has recorded since January, the solid short-term recovery of BTC from the $6,000 mark to the $7,200 resistance level should be sufficient to lead BTC to test major resistance levels at $7,500 and $8,000.

The reversal of moving average convergence divergence (MACD) in the low price range of BTC at $7,200 suggests that $8,000 is the next short-term target for Bitcoin as shown in the weekly chart of BTC below.

One concern is that in previous recoveries from the $6,000 mark, Bitcoin price has climbed to the range of $8,000 to $10,000 relatively quickly. Since early August, BTC has initiated a slow rebound from the $6,000 mark to $7,300, without significant spikes on the upside.

Flood, a highly regarded technical analyst within the cryptocurrency community, stated that the close of the 3-day candle of BTC on September 3 is optimistic and that it may trigger the price of Bitcoin to rise in the short-term with solid support.

“Beautiful close. Rally from yearly lows intact. Next 3D close will be massive for $BTC especially given the huge short open interest. Low volatility with a huge cash buyer providing support. I think it’s unlikely the shorts are a massive ‘synthetic put’ ‘ala OKEX style,’ he explained.

Both 3-day and weekly candle charts of BTC demonstrate a movement to the upside for the dominant cryptocurrency in the short-term, especially if the volume of the currency can hold up in the $4 to $5 billion range.
https://www.ccn.com/bitcoin-price-remains-above-7200-for-3-days-where-is-market-headed-to/

[chidrawarster]

That's a very unpredictable question and even the answer. What we all can hope is market is turning bullish slowly and we can hope that this momentum keep intact so that some previous highs can be touched and some investors also can join the rally to bring back the highs what we have seen last year. Let's hope that we see some new milestones this year and book some profits .

[jerick06]

You just copied and pasted what is written in that article. I think its better if you should've made your own article regarding that topic or state your opinion about the topic you just read 

[Cecilve]

This is very unpredictable where the whole market is going right now but we already had such bounceups this year and it ended at 6k level after a certain time. If btc will reach 10k this might be a good sign.

[kopamo]

Bitcoin price rise now this is good for crypto member  but no one can predict bitcoin when price up and down. I hope this year bitcoin reach 10k

[bravehearth0319]

Bitcoin is slowly recovering from a slump. It has built a nice momentum this past weeks, and maintaining stability around $7,200. The ups and downs are normal to cryptocurrency industry. Now, where does bitcoin headed to? No one cam predict, but we can make predictions especially now that the market is marked green. Investors are positive with the market.

[BlackRogue]

Well this is very good news we should be glad as it happened. Because I think if this continues, this will take us to a rise of BTC price within this year. I hope this brings fortune to us

[liripoop]

The price of Bitcoin is stable now. That is of course very good news. But I fear how long this will sustain. The way market has become unpredictable, anything can happen anytime. Let’s hope for the best

[jamesbondbd007]

This might be a good sign that the market is developing from its price dip. But it is still uncertain what will be the price at the end of the year. Above 10K USD may be a satisfactory price.

[painkiller321]

If the price is developing constantly then it will be a happy ending for the Bitcoin holder. As this market is extremely volatile, it cannot be predicted what is going to be happen. But signs are good till now.

[cryptoVinc5599]

I think market will grow from slowly from this time but there is always uncertainty and the BTC ETF will have strong impact on the price of BTC. If ETF approved then market will be headed to positive direction.

[pimondcrypto]

This is very unpredictable. It's price is increasing which is good for crypto member.when price up and down no one can predict.But this will be the good things when bitcoin's will reach 10k

[xindoa]

well it appeared that the market went down. pure sign of manipulation. i think few people predicted this steap downfall. wel will see how long it will take to recover again.

[goldencrypto7100]

this question is very hard to answers cause the market is unpredictable so we can try so that the market position goes good but we cannot ensure  anything that when or the market will progress

[crzy]

For me it feels like this market is sick because every single previous market fluctuations was quite predictable and for now it is something insane and feels like nobody knows what to do.

The price of bitcoin dump so hard in just 1 day and no one expect that to happen since we already see a sign of reversal and suddenly this dump happens again. No knows where we are headed now but still a lot of people are thinking positive about bitcoin that it will end in a good position this year, let’s just hope for that and take a break for now. I will not look the market for two months, and be back here when bull comes again.

[KingKongBong4152]

bitcoin is one of the popular coin of the market so there must be some positive reasons behind it,  they are providing that support among the users that is why they are on the top but if you are asking for any surety then I will not able to answer that correctly

[cryptocoinshunter007]

well if this news is completely true then it is a good news that the price are stable for this long but if you are asking for a any confirmation then it is not really possible for this place

[BlackandRed654]

Bitcoin's price is increasing, it's a good side. But this price will reach 10k to be good sign. but no one can predict bitcoin when price up and down. I think in this year bitcoin will reach $10k.

[SummerHamster]

it is difficult to prediction about bitcoin price when it up or down. but if we analysis past price list of bitcoin we just geuse this it might be grow up. I think in this year bitcoin will reach 10k. it will be a very good sign for bitcoin.

[jamesbondbd007]

it is very good sign for bitcoin because bitcoin price are going up. I think in this year bitcoin will reach 10k. because  now that the market is marked green. Investors are positive with the market.