The Bitcoin FOMO rally is actually underway, because the #1 cryptocurrency extends its meteoric rise by an extra 9.4% at the moment. With a lot momentum choosing up behind asset, the place are bullish merchants going to take it subsequent?


Bitcoin Every day Chart

On the each day BTC/USD chart we are able to see that bitcoin value 00 is exhibiting no indicators of slowing down. Momentum on each the MACD and RSI indicators is constant to skyrocket in typical bull market trend, and shopping for quantity is exhibiting a marked improve as new funding piles in.

Right now’s bullish continuation has, up to now, added an additional $1,160 to bitcoin value, and set one more new YTD-high of $12,935.

Proper now, anticipated promoting stress on the psychological $13,000 mark is creating momentary friction within the uptrend, nevertheless at this stage it seems greater than doubtless that this wall will likely be overcome earlier than the each day shut.

So the place is Bitcoin heading subsequent?

Over the past 2 weeks, bitcoin value has been met with notable promoting stress on the 0.382 and 0.5 fibonacci ranges ( $9,426 and 11,377 respectively). This means {that a} huge variety of buyers are buying and selling round these key ranges, notably after bitcoin’s breakout above $7,000.

Between Could 30 and June 13, BTC bulls have been pressured to capitulate down on to $7,600 assist, after failing to interrupt above the 0.382 fibonacci degree in the course of the opening take a look at. After a brief interval of accumulation nevertheless, a brand new impulse motion was launched which noticed bitcoin break confidently by the fabled $10,000.

Between June 22-23, the subsequent fibonacci degree (0.5) created some issues within the uptrend once more, however this time bullish merchants have been capable of shortly overpower it inside 48hours.

From these two occasions we are able to establish two necessary issues;

(1) The subsequent space the place we should always anticipate to see some promoting stress will greater than prone to be round $13,328, on the 0.786 fibonacci degree.

(2) BTC bulls are breaking by every new overhead resistance sooner, which means that momentum is just rising stronger.

Quick Merchants Thinning Out

Now that this motherentum has reached some extent the place bear merchants are being shaken out, and key resistances are now not creating pushbacks, it’s extremely doubtless that the one value level the place we’ll see any actual bearish opposition will likely be at bitcoin’s all-time excessive at $20,000.

Based on info from Datamish, over $45 million in Bitmex BTC brief positions have been liquidated within the final 6 hours (see under), and Binance has lately introduced  the primary liquidation of a Bitcoin brief on its new margin buying and selling platform.

Bitcoin

These liquidations will undoubtedly be including extra gas to Bitcoin’s parabolic rise, because the #1 cryptocurrency continues to defy by-product dealer expectations.

Do you suppose Bitcoin will break the brand new $13,328 goal quickly? Tell us your ideas within the remark part under!


[Disclaimer: The views and opinions of the writer should not be misconstrued as financial advice.  For disclosure, the writer holds Bitcoin at the time of writing.]

Pictures courtesy of Tradingview, Shutterstock

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