At current levels the Bitcoin appears to be drawing some support on its correction, the Bitcoin is pulled back again from $7,500 over a couple of days, but it seems it is ready to resume the climbing soon, the Fibonacci extension tool shows the next upside targets.
The extension lines have swung down around the $8,500 level but stronger bullish momentum could take bitcoin to the 50% extension at $8,629. According to the continuation of the uptrend could lead a test of the 61.8% extension at $8,912 or the 78.6% extension at $9,316. The full extension is located at $9,831.50.
The Bitcoin is at the top of the list the cryptocurrency king as a result Bitcoin grown up than other altcoins and then gave a sudden downfall in the market, it is going to trend more than the reserve.
As the gap between the uprise and downfall is not much soon it will fill the gap as the bearish momentum is not much it will be bullish momentum.
This has happened to line up with a former resistance level around $6,800 to $7,000 and the rising trend line connecting the lows since June. This might be the line in the sand for a correction, though.
Since the second week of July the price of RSI has fallen down a bit of bullish divergence has seen higher lows as RSI is already pulling up after recently reaching oversold territory, suggesting that bulls are ready to charge again.
Stochastic is already high after reaching the oversold levels, which means that that the buyers will be able to control the bitcoin price action again. According to news Bitcoin (BTC) Price Analysis: Where Bulls Are writing analyst, the South Korean authorities are looking to end the breaks to cryptocurrency exchanges, which could be better to assure their funds are safe. This led traders to be more reservations, which could weigh on activity and profitability.
Cryptocurrencies have had a rough start to the week as the catalysts haven’t been exactly positive.
What do you think is Bitcoin will again raise it worth or will dump down?