Bitcoin – BTC: Bulls Gain Momentum

Βitcoin (BTCUSD) continues north for third consecutive day adding 0.90 percent at 10,749. Bitcoin capitalization stands above 190 billion while the market capitalization of the top 100 cryptocurrencies stands above 288 billion, todays BTC volume is at 24B. Bitcoin (BTC) represents over 57 percent of cryptos value so it is clearly in control of crypto universe at the moment. The recent huge rally that drove prices up to 13,868 attracted the investors attention possibly by the news around Facebook’s Libra new cryptocurrency.

The technical picture is still bullish for the largest cryptocurrency despite the recent correction that tested successfully the 50 day moving average. Bitcoin traders are very nervous as the volatility increases. Immediate support for bitcoin stands at 9,438 the 50 day moving average while more bids will emerge at 9,019 the recent low from July 17. On the upside strong resistance now stands at 10,791 the daily high, while I expect extra pressure from sellers at 11,911 the high from July 12th. I expect bulls to add to long positions if BTC breaks above the daily high and ahead of the weekend, as the recent history shows that weekends are great for long positions in Bitcoin. The take profit target must be set at 11,911 while a protective stop must be placed at 10,000 round figure. Bear can take a bet and enter a short position if BTC fails to close above the daily high. Shorts can target the 10,000 mark while a strict stop loss should be placed at 11,911 today’s high.Don’t miss a beat! Follow us on Twitter.