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Bit-comment: incredible climb to $11’300

Bitcoin continues to amaze. This cryptocurrency seems to be full of enthusiasm, which is literally taken from the air. Here, for example, last week there were news that “the cryptowinter was finally completed,” BTC made an impressive breakthrough, first taking $ 10’000 and then $ 11’000. And today he has almost reached $ 11’300, having fired nearly 5% in just 24 hours.

As the FxPro Analyst Team said, in the second quarter, the main coin of the planet grew by 165%. The last time something like we saw only at the end of 2017. However, it’s still too early to rejoice. Technical analysis relentlessly reports that if in the short term the price fails to confidently consolidate at the achieved levels above $11’000, this will be a direct hint at the depletion of bull rushes and a likely correction, the depth of which is impossible to predict. Confirmation of this scenario is clearly visible on all higher timeframes, where the RSI is in the overbought area, above 70.

The ambitious range of $11’500-11’800 looks quite dangerous: this is already high enough for the buyers to take a pause, and they began to take profits, fearing the very rollback we mentioned above. An important level of support is now expected to be at a circular level of $10’000, so that Bitcoin will not cost anything to slide to this mark, tearing down the feet of the optimists who have just entered.

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Source: FxPro


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