Bitcoin Analysis: BTC Tests A Crtitical Level
Bitcoin Analysis: BTC Tests A Crtitical Level The price of Bitcoin, with its volatile movements in recent days, offers serious profit opportunities especially for investors who leveraged crypto currency transactions.
The analysts who closely follow the market agree that the current position of the BTC price is a good purchase opportunity for those wishing to hold the crypto currency.While uncertainty in global markets and the efforts of developed countries to take positions make the country’s money more risky for investment, Bitcoin seems to be getting closer to the definition of safe harbor assets.
The BTC price, which fell to the $ 7,700 band in the first week of October, entered a sharp rise as of October 7, as market players saw the bottom. This rise trend was volatile, with BTC / USD gaining 13 percent.
The limited correction of the upward movement during the week was a signal that the trend would continue its upward movement and the first upward move, starting at $ 7,777 on Monday, reached its highest value at $ 8,320 (the same day), where Fibonacci found support at 0.382 ($ 8,110) according to correction levels. This level is technically a limited correction and is the first signal that the rise will continue.
In the second half of the week, BTC / USD continued to find buyers again at $ 8,110. Thus, it raised the price to $ 8,685 and entered the second correction of the week. With reference to the $ 8,110 bottom and $ 8,685 peaks, the BTC price again supported support at the Fib 0.382 level, which was remarkable about the continuation of the uptrend.
In the early hours of the morning, Bitcoin rose to $ 8,826 in 2 hours, then dropped to $ 8,372. It is expected that the BTC / USD to continue its normal course after this extraordinary move.