Bitcoin rallies overtaking $9000 as anticipated!

  • by Amir El Araby
  • June 16, 2019, 14:35 AM
  • 683 Views
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The Bitcoin (BTC) hit a 13-month high above $9,300 on Sunday. The leading cryptocurrency by market capitalization soared to $9,381 – the highest price since May 10, 2018, according to CoinDesk’s Bitcoin Price Index.

BTC achieved 6.4 percent gains on the day. Since the opening of June, Bitcoin is up 8 percent.

More than $19 billion worth of bitcoin has been traded across cryptocurrency exchanges in the last 24 hours.

Having said that and back to our previous technical analysis published on our site on April 05, 2019, we can see how we anticipated that, bitcoin was on the way to build a solid technical base followed by a major breakout above the 61.8% Fibonacci retracement of the entire upside wave that was topped out in the $20k reaching our soft technical objective at $8500.00.

Bitcoin price prediction

Ultimately, the support the bitcoin found in the $7500.00 territories is a normal reaction to the stable move above SMA50 and SMA100 as seen on the provided weekly chart below.

Bitcoin abov 9000.png

Now, we do believe that the bath is very clear to challenge $10000.00 psychological level, which may cause consolidation first before being breached on the way to the main technical target at $11500.00, which was our main target since bitcoin was valued at $5000.00.

On the other hand, I do believe that $6775.00 should be the floor for bulls and it shouldn’t be breached to keep the bullish momentum intact!

Wait for the upcoming update if $11500.00 is touched! 

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