Bitcoin price analysis BTC/USD bulls hit pause button, experts say $9,200 within reach
|- BTC/USD gained 3.1% on a daily basis but the upside momentum is waning.
- Jordan Hiscott from Ayondo thinks the worst is over.
Bitcoin is trading at $8,310, after a short-lived growth above $8,400 to the multi-month high at $8,488. The coin has gained 3.1% on a daily basis and lost 1% since the beginning of Wednesday.
The digital currency No.1 gained roughly 44% from June's low of $5785.43, which adds credibility to the bearish trend reversal. According to Jordan Hiscott, chief trader at Ayondo, Bitcoin has a potential to reach $9,200 sooner rather than later.
"The plethora of negative news, both on a macro and micro level, seems to have reached a crescendo and I would argue has even started to dissipate. From the micro perspective, the setup from the chart of some of the dominant cryptocurrencies, like Bitcoin, has certainly stabilised and formed a support base," he said in the interview with Express.co.uk.
Bitcoin's technical picture
On the intraday level, BTC/USD is trading well above all MAs, which makes look the picture bullish. However, inability to settle above $8,354 (61.8% Fibo retracement) might mean that a short-term correction is in store with the first support produced by psychological $8,000, strengthened by 50-SMA (1-hour chart). If it is broken, 50.0% Fibo retracement at $7,862 will come into focus. On the upside, resistance levels are $8,633 (200-DMA) and psychological $9,000.
BTC/USD, 1-hour chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.