Bitcoin hits around 9000USD, bull market is on the way
According to the data from CoinAll exchange (www.coinall.com), Bitcoin price surged near 9000USD, which is really positive signal in the market. After Bitcoin price is fluctuating through the triangle area for some time, it eventually chooses to go up and hit the higher price, and get the highest level since an intraday high on May, 2018.
What’s more, not only Bitcoin, the other cryptocurrencies, like ethereum, are also much higher according to the charts in CoinAll exchange.
It is even clearer if we look into the weekly chart that Bitcoin climbs eventually from the bottom price, and now it also meets high resistance of around 10000USD with consistently increasing trading volume. Thus, we are highly expecting that Bitcoin can break through this pressure level and bring us a bullish market sooner or later.
By the way, if go through the details, now Bitcoin has some kind of support on near 8200USD, and pressure on 9000USD. If we can break through the resistance and close above it, it is expected to have 10000USD. However, I don’t expect it to be crossed very soon, there could be kind of violate on the high-price level, so stay tuned and patient. On the downside, if the price breaks below 7000USD, then it could go directly to 6000USD because the trend will turn out to be bears.
There are some reasonable news which could be the potential stimulation for this price pump. So many headlines are reporting Bitcoin because of its performance in recent days. Certainly, it will attract the attention from lots of people as well as the mainstream firms that are currently out of this industry.
Fidelity Investments is working on their plans to help institutional customers trade Bitcoin, which is expected to flow in billions of US dollars to the market. In addition, some traditional stock market service providers like E-Trade, are preparing to join the crypto trading segment. Again, this means great user traffic. Some other giants like AT&T, Starbucks are ready to receive cyptocurrency payment, even though it is through 3rd processers. More and more people will get noted with the industry, and it definitely brings more attention and brand awareness to Bitcoin, blockchain and cryptocurrency.
On the other hand, Bitcoin is known as digital gold, and one of the most important properties for gold is to hedge your risk. As two of the largest economy in the world, China and USA are struggling in the trade affair, which makes people worried about their funds, especially cash flows. Since US dollar is always strong in the modern economy system, no other country can threaten their strength, but the problem is that it is not pegged with any equivalents, like gold, silver, etc. Therefore, Bitcoin, has better property than gold, could be a great choice for the funds.
The situation is that Bitcoin has been known by increasing amount of individuals and institutes, so it is almost impossible to disappear in the world. With more funds getting in the industry, its price will grow as well, but I hope it could healthy. People always would like to ask the question, what will be the top for Bitcoin? And the answer should be : no limitation.
what do you think about the Bitcoin price? Welcome to share with us.
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