Bitcoin down 27% from 17-Month ATH but the Bullish Momentum Is Still Ongoing

Bitcoin is currently struggling to hold $11,000 while we’re back to full volatility just like at the end of 2017.

The moment is crucial as we identify two major levels of support and resistance mainly on the 4-hour chart. On the uptrend, we are looking at $11,230 and strong resistance of $11,650 right after.

It’s true that over the weekend we saw a spike over the $12,000 range but it did not keep long and the level was rejected numerous times within the range of a few hours.

On the downside, we are looking at $10,610 and then $10,450.

Lots of stop-orders below $10K make it an attractive target for large traders looking to execute these stops and make the $9,900-$9,600 area great for longs. This is an ideal trader’s market with lots of opportunities coming from volatility.

The top cryptocurrency hit a 17-month high of $13,880 last Wednesday but ended the week at $10,760 (Bitstamp data). This sort of price action, a far too fast and unstoppable rally, is widely considered a sign of bullish exhaustion and an early warning of an impending price drop in the short term.

This scenario though comes at a time when the present and the future could not look brighter for the cryptocurrency.

The Bitcoin network is as strong as ever having hit its hash rate peak. Hashrate is up 2x since Dec 2018 lows, and over 10x since Jun 2017. 

In the meantime, Forbes recently announced that the top cryptocurrency is once again trending over ‘Jesus’ in Google searches. 

Bitcoin dominance remains high well over 60% in the overall market cap.

Meanwhile, outside the market, Bakkt keeps the momentum up with the upcoming launch of the platform that will facilitate futures trading. 

While FDAS (Fidelity Digital Asset Services) will facilitate digital asset trade execution and manage custody on behalf of clients. It’s surely worth mentioning that Fidelity controls around 7 trillion USD worth of customer assets and it goes without saying the impact on the crypto market will be huge.

Most experienced traders predict that Bitcoin will trade between $8,800 and $14,000 within the next two weeks to a month with popular YouTuber Omar Bham tweeting that “Afterward, $20,000 is the next target, with eyes toward $28,000 & $30,000, before a correction… we’ll reassess at that point”.

Outside of Bitcoin, the cryptocurrency market is showing mostly red against the dollar whereas some tokens are experiencing some good gains against BTC.

BAT is up by 11%, BitTorrent 15% and HOLO an astonishing 19%.

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