Although, the crypto market was continuously being pushed back from recent lows and the Bitcoin price action was whirling on a close range between $5,700 and $6,700, right now seems to be moment for Bitcoin to rally further. As we have already watched the upside break of Litecoin, Ripple and Bitcoin cash, a “Bitcoin Rally” over $7,400 seems to be on its way.
- A channel break above $6,700 would lead to an attempt towards a fresh high at $7,400
- A bullish Bitcoin break might rally the whole market further against USD along with adjacent cryptos.
Bitcoin Price chart (January, 2018- September, 2018)
A simple glance at the Bitcoin chart would unveil the potential of breaking above 7,400 as the recent higher-lows are pushing upwards. If the recent trend continues, it appears that bitcoin may reach well above $6,900 within a week or two. A break above $6,900 would open up the window of opportunity to continue the gain towards $7,400 margin. The happening of that would also confirm that the bearish trend is at the end. With finer bullish moves of Litecoin, Ripple and Bitcoin cash, it could be said that an era of Bitcoin rise might have been arising. Though, at this moment, we are watching a downtrend of Bitcoin, as it has lost around 30 pips in the last 15 minutes and is residing at $6.570s (28.09.2018) and the forex market is closed. As the “heavyweight” bitcoin continues to dominate the market and the market dominance is closer to 52%, it appears that a bullish move of Bitcoin would drag the whole market forward against USD. At this moment, Bitcoin has a market capital of $117 billion.
The price action set up for the next week should include a bullish move of Bitcoin above $6,700. Besides, a bearish trend set up for DXY price index should be on the rise along with further rallying of the cryptos. The key point to look at for Bitcoin is $6,700 and a break above that ground would open up the opportunity to move above $7,400. An upstream move above $7,400 would authorize that the bearish trend set up of Bitcoin has concluded.
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Disclaimer: The content of this article is personal opinion and should not be considered as investment advice or suggestion towards any trading activity.