- Bitcoin is in the process of rocketing up towards $32,000, with the cryptocurrency showing some tremendous indications of strength as bulls target it seeing further upside
- The over night breakout rally that permitted it to see this explosive move higher came as a shock, with the resistance at $30,000 being sliced through with ease
- The strength of this motion does bode well for bulls, as it suggests that significantly additional advantage could be impending in the days and weeks ahead
- One trader is keeping in mind that its rate looks poised to move greater if it can conduct a support-resistance flip
- This support flip might happen in the near-term, as BTC has actually since broken above what used to be a crucial resistance level
Bitcoin and the whole cryptocurrency market reveal immense indications of strength, with bulls being in complete control of the benchmark cryptocurrency’s price action as they target it seeing further upside.
One trader is now keeping in mind that where the market trends next will likely depend on whether or not BTC can perform a tidy support-resistance flip of $31,550. It does appear that this has been a success, as it has given that rallied past this level.
It is now imperative that bulls ardently defend against any dip listed below it.
Bitcoin Sets Fresh Highs as Momentum Reaches a Boiling Point
At the time of writing, Bitcoin is trading up simply over 10% at its present rate of $32,300, with bulls pressing the crypto constantly greater as it sees an unrelenting rate increase.
This momentum isn’t showing any signs of decreasing just yet, but some analysts fear an impending “blow off top” that might obstruct its development over a mid-term amount of time.
BTC has actually now gone into cost discovery, which might mean that it will face enormous short-term strength that sends it substantially higher.
Expert: BTC Poised to Explode Higher if Bulls Flip One Level into Support
While speaking about this monumental Bitcoin rally, one trader discussed that he is watching for Bitcoin’s previous resistance at $31,550 to develop into assistance.
“BTC/ USD: Gorgeous run this morning, breaking above $30,000 is quite insane. Monitoring in on the future fib extensions moving forward, basically best tap of $31,550. I would likely close out any high take advantage of scalps at that level up until we see S/R flip, spot looking excellent.”
Image Courtesy of Cactus. Source: BTCUSD on TradingView.
The coming couple of days should offer some severe insights into where the entire market will trend next. Bitcoin will likely need to see some combination before altcoins can gain any momentum.
Included image from Unsplash. Charts from TradingView.