Our bullish view in last week’s analysis were spot-on with Bitcoin gaining a well above 15% in last week post our analysis. Currently trading at $8,840, BTC has turned around from 78.6% Fibonacci Retracement level of the fall from $11,780 – $6,420.
Post the Bearish Engulfing candle that Bitcoin made yesterday, it is still consolidating well over the support lines and moving averages. In short-range, EMA’s are trying to form a bullish crossover and so the support should ideally hold.
Over the next week, we should see a big positive range to be formed between $8,000 – $12,000 where Traders can go Bulls on Dips with immediate strong support at $7,800. We expect the baseline support would hold given in chart above, and a pull-back to $10,000 is expected again which if breached will open avenues upto $12,000.