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Bitcoin forecast (18/07/18)

Bitcoin has risen by more than 10% in the last 24 hours. BTCUSD was trading at around 6,700 USD yesterday morning, while today the pair is trading at around 7,400 USD. The cryptocurrency’s growth yesterday came as quite a surprise; hardly anyone had been expecting such a sharp intraday jump.

I’m struggling to find any economic news items that could have brought such a sharp rise about. Personally, I didn’t notice any particularly important news items relating to the cryptocurrency market yesterday. It seems to me that to a certain extent, the quick expansion of the Lightning Network (which I wrote about yesterday), which has taken place over the last few days, may have played a role in bitcoin’s rise.

Turning our attention towards the charts, we can see that BTCUSD has again rebounded from the lower line of the descending triangle, which is located around 5,800 – 6,000 USD and in this case acted as a support:

As such, for now we can say that bitcoin has solid support around the 6,000 USD mark.

I’d also like to draw attention to the fact that the BTCUSD pair is trying to form an upwards trend on the hourly timeframe (H1):

All of the above suggests that bearish sentiment on bitcoin is currently subsiding.



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