Bitcoin is Gathering Strength

Despite repeated breaks through $8,000, buyers still managed to keep the main asset from falling, which reduced the likelihood of correction here and now.

We are also noting an increase in trade volumes. They may be quite modest for now, but judging by the shape of the candles, these are real trades that confirm the interest of a large number of participants, rather than solo performances of a few major players.

The minimum goal for buyers is to hold the mirror level of $8,200, where Bitcoin is trading at press time. This is followed by the previous local high of $8,450, which coincides with the 0.382 value of the Fibonacci extension. If this level can be approached, overcoming it should pose no difficulty. And finally, the maximum goal - the testing, and possibly a break through the boundary of the ascending channel, coinciding with another level of lateral trading - $8,700.

Never forgetting about caution, we continue to consider the scenario of a local correction in case of another price fall below $8000. The decline targets indicated in yesterday’s review remain relevant. Any more-or-less significant correction of Bitcoin can put the market’s altcoin festivities in question. But investors don’t seem to be planning to draw back, so today the scenario of decline is less probable than the scenario of growth.

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