Bitcoin [BTC] creates High Low of $7,100 following recent breakout; foundation for $9,000 surge?

Bitcoin [BTC] and the recent $8,000 break-out is massive for the cryptocurrency market going forward. On the back of no major announcement in the past few days, and the pull-back of the previous week, the king coin won its second battle against the price ceiling curating a major high, in the form of an exhibited low.

As the May 19 bulls rampaged the market, buoying the top cryptocurrency to rise by 7 percent in the hour earlier today, a new High-Low [HL] was seen at just below $7,100 which sparked signs for the foundation of a $9,000 break-out. With Bitcoin trading above $8,000 and showing marginal gains off-late, a continued run is foreseen by many in the community.

Given that the king coin edged below the aforementioned price point last week, and dropped quickly to a low of $7,100 during the anticipated “pull-back,” although with compounded reasons pertaining to the post- bears and the Bitstamp sell order, the recent incline over $8,000 is a positive sign.

CryptoMonk, a Bitcoin and altcoin trader and host of the crypto-monsoon podcast, ironically, attested to Bitcoin’s continued ascent into crypto-. He tweeted:

“$BTC has just successfully printed another HL.
It’s a matter of time before we see + $9k.”

The trader supported his statement with a chart depicting the various HLs exhibited by the coin in the past few months. Prior to the HL of $7,100, the previous one was seen just below $7,000 and the one before that was around $5,500 during early May when the FOMO had not set in yet.

Source: Twitter

What is even more surprising, is the fact that there is no source of Bitcoin’s current 10.16 percent daily gain. Unlike the earlier $8,000 ascendance, which was on the back of several announcements involving Bakkt, Gemini, Microsoft, and .

Interestingly, the recent price surge mirrored the April incline, as there was no real for the pump. Yes, several signs in the form of an April fool’s joke, China-BTC-mining ban FOMO, and a large automatic buy order were touted as the source, none could be confirmed as the primary push. This April 2 push was the foundation for the successive BTC pumps over $6,000, $7,000 and now $8,000 with $9,000 on the cards.

CryptoMonk did issue a cautionary tone prior to a likely confirmation of a $9,000 breakout. The High High [HH] which stands at $8,260, formed on the back of last week’s pump before the “pull-back,” will act as a resistance of some sort, and if the same is broken, a constant push will, more or less, be a high possibility.

The post Bitcoin [BTC] creates High Low of $7,100 following recent breakout; foundation for $9,000 surge? appeared first on AMBCrypto.

Post written by our friend Aakash Athawasya and Syndicated from ambcrypto
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