The majority of BTC traders and investors were secretly hoping that Bitcoin price would correct all the way back down to $6k or lower. This would provide ample opportunity to accumulate for a bigger bull run later this year. Their hopes have been dashed this Sunday morning as Bitcoin surged again during Asian trading.
Bitcoin Price Sunday Surge of 9%
For the best part of the past day, Bitcoin price [coin_price] has remained range-bound between $7,250 and $7,400. It broke out of this channel a couple of hours ago during the Asian session and surged 9 percent to hit $7,920 according to Coinmarketcap.com. Daily volume had trailed off by half over the past few days but had already started to ramp up this morning.
Just yesterday it appeared that Bitcoin was taking a breather, possibly poised to drop back to major support zones. A number of prominent analysts were eyeing $6,400 or lower for a possible retracement. At the time of writing, this looks unlikely as the bulls have taken control of the markets again.
CNBC got it completely wrong as usual by posting a head and shoulders chart implying that a big drop was imminent. The counter trading indicator did not go unnoticed by those on crypto twitter. Twitter crypto market analyst, Josh Rager, wrote:
.CNBC calling head & shoulders… And I really wanted to buy the dip down to low to mid $6ks. Was a clear counter indicator as Bitcoin is starting to pump.
The next move for BTC is likely to be above $8,000 again with huge resistance at $8,200 where it reached during the week. Rager added that a close above this price on the daily/weekly would be very bullish with the next targets being upwards of $9,000. He specified $9,600 adding;
There will be resistance along the way and could take more than a few days even if the daily/weekly closes above $8216. Weekly volume looks amazing.
$BTC – Weekly Chart
To clarify, why $9600 is because this is viewpoint from higher time frame charts
There will be resistance along the way and could take more than a few days even if the daily/weekly closes above $8216
Weekly volume looks amazing pic.twitter.com/6xM6zmwrd9
— Josh Rager
(@Josh_Rager) May 19, 2019
$18 Billion Added to Crypto Cap
Bitcoin’s Sunday surge has resulted in over $18 billion being added to crypto market capitalization as it pumps from an intraday low of $228 billion to $246 billion.
Total market cap has remained over $200 billion for the past seven days. It is the first time since early November that this has happened.
As a result, the altcoins are all in the green at the moment with big gains of over 7 percent for Bitcoin Cash, Binance Coin, and Dash. Ethereum, EOS, Litecoin, Stellar, Monero, and IOTA are all making over 4 percent at the time of writing.
Is Bitcoin going to $9,600 or will it bounce off resistance at $8,200? Add your thoughts below.
Images via Shutterstock, Coinmarketcap.com