Bitcoin price has remained above $10,000 despite its rapid retrace over the weekend when market momentum suddenly fizzled out.
Vays Hints At ‘Bullish’ Daily, Weekly Outlook
After passing $11,000 in Sunday trading, BTC/USD peaked at $11,283 on Bitstamp before dropping $1500 in hours to hit a low of $9727.
A correction took prices back over $10,000 where they remained into Monday, analysts predicting a ‘flip’ into bullish territory as Bitcoin’s most likely next move.
“The daily [chart] remains bullish and the weekly wants to flip bullish,” Tone Vays told viewers of his latest online trading seminar released late Sunday.
As of press time, BTC/USD was centering around $11,000 once again, having risen performed a three-hour uptick of $500.
Vays had correctly forecast a bearish environment when Bitcoinist reported on the previous week’s trading outlook, with resistance set to kick in at $10,300. Now, he says, “clear support and resistance” needs to establish in order for Bitcoin to become “more predictable” than it has been so far in February.
#Bitcoin hit resistance for a swift $800 drop from $11,250 to $10,400… Now that it's pulling back up what should be expect? $BTCUSD should become more predictable once clear Support & Resistance are established. Let's have a Live Look:https://t.co/nZIwHpNqlJ
— Tone Vays [#Bitcoin] (@ToneVays) February 18, 2018
Moas Doubles Down On All-Time High In 2018
Bitcoin’s bounce off sub-$6000 lows in 2018 has meanwhile given rise to renewed optimism from its investment community’s more outspoken supporters.
Ronnie Moas, who had previously given conspicuously bullish price forecasts, told the mainstream press that a fair valuation for the rest of the year sets Bitcoin at $28,000 – still $8000 more than its all-time high from December 2017.
A six-figure price, however, is off the table for Moas.
“I don’t know how anybody could set and justify a price target that high for this year,” he commented to the New York Times.
Across cryptocurrency markets, altcoins followed Bitcoin upwards, posting modest gains of around 5% in the 24 hours to press time. Ethereum Classic (ETC) meanwhile jumped close to 17% to approach all-time USD highs achieved earlier in January.
What do you think about Bitcoin’s price outlook this year? Let us know in the comments below!
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