At the time of writing, Bitcoin is trading up less than 1% at its current price of $3,650. Over a one-week period, BTC is trading up from its weekly lows of $3,400, which has proven to be a relatively strong level of support for the cryptocurrency.
Yesterday’s price movement allowed Bitcoin to break above its previously established resistance level of $3,500, and it is likely that the cryptocurrency will beginning establishing a new trading range in the near-future.
Chonis Trading, a popular cryptocurrency analyst on Twitter, recently explained that it is important for Bitcoin to finish the week above $3,550, which would bullishly engulf last week’s candle and potentially signal that BTC has more room to climb.
“$BTC – still a couple days left in the weekly #bitcoin chart…Ideal close with this weekly candle is above the $3550 area which would bullishly engulf last weeks candle and maintain a decent tweezer bottoming candle combo… Note current resistance coincides with Sept 2017 zone,” he explained.
Although it is clear that BTC must defend its recent gains over the weekend in order for its bullish momentum to be maintained, multiple technical indicators are now signaling that Bitcoin likely has further to climb before losing its upwards momentum.
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