Bitcoin back up again without any severe retracement. The price has gone up to almost $9,000, which is a very significant value since it is the 12 months high.
Yesterday, BTC hovered between $8,830 and $8,750. It got very close to $9,000 but finally didn’t touch it, which indicates that the price might go up again to test this level that we have labeled at R2. Why? Double zero numbers, and especially triple zero ones, normally attract the price to them, we can say that they act like magnets for the price since they are values that psychologically act as support and resistances.
However, the lack of a major retracement that would consolidate the last pump on May 26th plus an internal micro trend in the 5 minutes charts suggests that the price can have a major retracement to S1.
At the moment, high degree of uncertainty in this market.
—CRYPTOHOPPER—
Yesterday, BTC hovered between $8,830 and $8,750. It got very close to $9,000 but finally didn’t touch it, which indicates that the price might go up again to test this level that we have labeled at R2. Why? Double zero numbers, and especially triple zero ones, normally attract the price to them, we can say that they act like magnets for the price since they are values that psychologically act as support and resistances.
However, the lack of a major retracement that would consolidate the last pump on May 26th plus an internal micro trend in the 5 minutes charts suggests that the price can have a major retracement to S1.
At the moment, high degree of uncertainty in this market.
—CRYPTOHOPPER—
It has been a good retracement but, can we expect further falls?