Should It Pull Back, The Bullish Will Have To Defend Bitcoin’s $6,800 Support Level
Bitcoin today tested the $7,500 resistance level but quickly pulled back to $7,414 which signaled that although it has made impressive strides over the past two days, there is still more work to be done by the bullish.
For many, it is almost unbelievable that bitcoin has risen by 30% from its lowest level in June. Before it finally broke free on Monday, bitcoin had been successful in defending the long-term support level of $6,000, finally breaking the $6,800 resistance level two days ago.
What Next For Bitcoin; Bearish Or Bullish?
So, will this bullish run last? Being that this is not the first time that bitcoin has made an impressive rally, only to disappoint and fall back, the question has been if the run is going to last. Or is it a temporary rally being propelled by a number of positive announcements within the industry. Unfortunately, it is too early to tell
. It however remains adamant that if the prices should slide back the bullish need to defend the $6,800 support level if bitcoin is to stand a chance at another rally.
During this recent rally, bitcoin has broken a few resistance levels which indicates that the bulls are taking the driver’s seat, however, given that bitcoin is still miles from its all-time high of over $19,000, there is still a lot of work to be done, especially because the price could still slip up.
Currently, bitcoin is enjoying a $7,300 support level that has been consistent for the past two days and hence there’s no imminent threat of a bearish trend setting in.
Given that bitcoin could still slip below $7,300, it is likely that the second support level would be $7,200, followed by $7,100 and finally $7,000, however it is empirical that it slips below the $7,000, of which if it does, it would trigger a bearish trend.
Other Cryptos Enjoying The Recent Rally
Ripple on the other hand after blasting past $0.50 has been struggling to go past the $0.52 and although the trend has been bullish, the crypto has been unable to break this new resistance level.
If the price is to correct itself, the price is likely to settle on $0.50. Ethereum has also in the past two days broken the falling trend, at the time of press, Ethereum is trading at $475 after previously hitting a 2-month, all-time high of $482. Other major cryptocurrencies like Stellar, which is enjoying a two-month high, up by 30%, have reported major rallies in the past two todays.
However, price corrections are already taking effect or are expected sometime soon and this could see some cryptos go down a bit.
For a long time now, the market has been bearish, with many experts still calling for prices to go even further below recorded lows.
For the bullish, the rally has been a long coming and the question is how long and how far will it go this time? From the crypto community, we hope it goes as high and as far as possible.