Bitcoin trade volume jumps to 7-months high

已更新

Today Bitcoin trade volume at its highest since April this year. Such activity means that large amounts of money are being pumped into the top 1 cryptocurrency, pushing price up. Today BTC has outperformed the USD by 22% as price surged from $6384 up to $7788 high.

As per our previous idea (tradingview.com/chart/BTCUSD/x5sHFuWm-Bitcoin-volume-increasing-suggesting-upcoming-breakout/), today BTC/USD has reached the upside target, that is 78.6% Fibonacci resistance level at $7675. The resistance has been reached and rejected along with the uptrend trendline, resulting in a fast correction down by 13.5%.

Up until now, price failed to close above the 7k resistance that could result in a consolidation between the $6400 support and $7000 resistance. During the past 5 months, the highest trade volume has been recorded at $6400 level, which currently might play a key role in further price development. As long as the daily close remains below the $7020, BTC is expected to decline towards the support area.

But, looking at the upside potential, if today's’ close will be above the resistance, Bitcoin could easily reach the $7675 resistance. If broken, next target will be the $8060, which actually might be the key resistance level to watch.
To summarize, while the daily close remains below 7k, price is expected to correct further down to support area. Daily close above the 7k resistance could push price up to the $7675 level. And finally, considering the current price action, range trading is to be expected.

To summarize, while the daily close remains below 7k, price is expected to correct further down to support area. Daily close above the 7k resistance could push price up to the $7675 level. And finally, considering the current price action, range trading is to be expected.

Support:
1. $6560
2. $6400

Resistance:
1. $7020
2. $7675

評論

Currently BTC might go a little lower, unless breaks above the resistance