Against most predictions, the price of Bitcoin bounced back over the $8,000 range against the dollar today from the $7,800 support, currently trading at $8,211 at the time of writing.
Market dominance has also increased to 66.5% from the lows of 66.1% of the last few days.
Last week many were expecting a free fall for the top cryptocurrency, with predictions that the price could fall to the $7,700 range and further down.
We mentioned how most times the currency behaves the opposite of what’s expected, and again, it showed the theory is correct. However, the latest bounce was predicted by many who now expect a new major correction before the real reversal that should bring the price back to a bullish trend.
Precisely, we need to see BTC going back up to $8,800 range before we can call the momentum bullish again, and we are still far from that level. The volume is slightly below the average of $15 billion.
Let’s see how this is all playing out.
The bottom so far has been signaled at $7,700 on 30th September, indicating that sellers at that point were exhausted and could have lost drive. Generally, this is a bullish sign.
Some other indicators like the RSI and the EMA10 are also showing more bullish momentum, but until BTC does not push for a run on the upside, we won’t be able to call it such.
Support has been found at $7,800-$7,900. If this range is broken again, it might be a problem.
All eyes are between these two levels sitting between $7,800 and $8,800, and the next few days, maybe hours, will be crucial in determining the coin’s direction.
Many are still expecting Bitcoin to drop to the $6,000 range before bouncing back and make new highs. In the long term, everyone is still very bullish. We are talking about the next couple of years, though, therefore, arm yourself with patience.
Ether (ETH) did not manage to break through the $180 level since 16th October, and it’s currently trading at $174. For any fresh talks of a bullish reversal, ETH is expected to break that barrier, hit $185, and remain above that level.
In the last few months, Ripple (XRP) is the only cryptocurrency that has not experienced a bounce, so many are expecting an upward move soon. It has stabilized in the $0.27-0.31 range ($0.29 currently) for weeks and has not followed most coins that broke upwards in the last couple of months.
Bitcoin Cash (BCH) had a good last 24 hours and looks like it’s having a bullish moment overall, but this could also well be a bear trap. Gains of 6% were reached since yesterday, while at the press time, the altcoin is trading at $230.
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