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Growth Trend Continues For Bitcoin

BITFINEX:BTCUSD   比特幣 / 美元
Explosive growth slows down

The total capitalization has almost reached the level of $340 bln, which is $10 bln more than on Friday.

The increase is due both to Bitcoin and to the top altcoins, as well as some coins of the second tier. Unlike on Friday and Saturday, by the beginning of Monday, we are not seeing 30-40 percent “rockets” for individual assets. In the overwhelming majority of cases, average daily growth rates do not exceed five to seven percent.

Bitcoin dominance has not changed over the weekend and is 42 percent, another confirmation that the market growth is balanced, without disproportion between the main asset and altcoins.

BTC/USD

The young growth channel, which we pointed out in our Friday survey, received several confirmations and one extension. Now, it is constrained from the top by the mirror level, which can be not only horizontal but also inclined. Movement in this channel allowed the price to reach the target range of $8,300-$8,500 quite easily, followed by a fallback to $8,000 which the buyers met with equanimity.

The main task for the bulls now is to close out the day no lower than the previous 24-hour candle- that is, at the same level of $8,000. If the expectation becomes drawn out and the parties show hesitation now when Bitcoin is trading at $8,100, the initiative can move into the paws of the bears.

In this case, a correction to the range of $7,400-$7,600 is possible, which will not cancel the growth scenario.

We believe that Bitcoin will continue to move in the upper register of the ascending channel today. The immediate goal of the bulls is the resistance zone at $8,600, followed by $9,000-$9,200, where the really heated battle will unfold. While our views on the situation remain bullish , a possible local fallback can be viewed as an opportunity to build up long positions, which is what we recommend to our esteemed readers as well.

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