The price of Bitcoin has seen a great week with a surge to $11,700.
After two months of consolidating inside a range, the price of Bitcoin finally broke through the psychological barrier of $10,000 and currently faces the final hurdle before the bull market can start.
Bitcoin closes one-year-old CME gap and faces significant resistance As Bitcoin's price broke through the barrier of $10,000, the next significant resistance zone became the $11,500-11,800 area.
Given that the price of Bitcoin surged this fast in such a short period of time, it's not likely that the price of Bitcoin breaks through the resistance zone in one-go.
Interestingly, the majority of the CME Bitcoin futures gaps get filled.
The bullish scenario depends on the crucial threshold of $11,300-11,400 as the pivot to hold for the price of Bitcoin.
A bullish breakout would preferably see the price of Bitcoin clear the $11,500-11,700 resistance zone and flip that area for support.
The levels to watch if Bitcoin breaks through this resistance are primarily the next resistance zones found between $15,000-17,000.
Is such a breakout likely to occur after the recent expansion? It seems very unreasonable to break through a resistance zone of such significance in one try.
What about altcoins?Once Bitcoin starts to consolidate and correct, major altcoins will most likely do the same, and then the money will flow from the majors and Bitcoin toward the smaller cap coins and tokens.
Bitcoin 'Fills' $11.6K Futures Gap, But Is $10K More Likely Than $15K?
Published on Aug 1, 2020
by Cointele | Published on Coinage
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