In the past 24 hours, Bitcoin price has seen a strong support level firming up at USD 7,600, with two attempts to break that floor rejected, as a slow and steady crawl upwards sees Bitcoin nestle around USD 7,800 as of 8:30 am UTC (CoinDesk).
An early American trading market attempt to make a break for USD 8,000 resulted in the day’s high of USD 7,922 at around noon UTC yesterday but it only triggered a slip down to the day’s low just three hours later at USD 7,586.
In the past ten hours, however, Asian traders have piled on the volumes, battling it out around and mainly above the USD 7,800 mark, before European sessions brought selloffs that chipped away at gains.
Analysis of the weekly charts suggest a short-term bearishness with any attempts to recover facing possible struggles at USD 8,080, according to NewsBTC, and others, who foresee a short term sideways movement along today’s lines.
#bitcoin $BTC Wicks showing quick rejection upon 7.8k I think the yellow line wont hold and we will end between 7-6.8k pic.twitter.com/jpSt1W5M1q
— Crypto Nel (@Nelgg91) June 5, 2019
Yet others on social media insist that all is yet to be decided. Pattern traders, for example, have not lost hope yet that parabolic growth indicators are still there to see on the charts. Bitcoin trader PatternTrader11 points out that when Bitcoin broke the trend lines on the last three occasions, price then proceeded to surge at a steeper angle.
For the optimists, that would like to see 4 in a row.
Last three times, when #bitcoin broke the trendline, price surged up at a steeper angle (makes sense as we talk about a parabolic).
4 in a row means $10.000+. pic.twitter.com/oY9Xlg1Hc2
— ParabolicPatterns (@PatternTrader11) June 6, 2019
Follow BitcoinNews.com on Twitter: @bitcoinnewscom
Telegram Alerts from BitcoinNews.com: https://t.me/bconews
Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.
Image Courtesy: Pixabay
The post Bitcoin Support Firms Up at $7,600, Steady Recovery Underway appeared first on BitcoinNews.com.