Bitcoin price analysis: Resumes uptrend above $6,300; Jim Cramer – the sun seems to be setting on Bitcoin
|- Bitcoin is resuming the uptrend following declines to lows of $6,208; buyers eyes set on $6,400.
- “I think the tide has turned against it (Bitcoin)…,” Jim Cramer said on CNBC.
Bitcoin maintained the uptrend in spite of the subtle double top pattern formed during the trading session yesterday, although there were short-term lower corrections that found support at $6,300. A pullback occurred reclaiming $6,400 and traded above $6,500 before coming to a halt short of the critical resistance at $6,600. Bears found and entry at $6,592.44 and Bitcoin started to trim gains.
The support formed at $6,400 was unable to stop the sharp decline, besides the trendline support did little to help slow down the retracement. Further breakdown continued below the next support at $6,300 and even traded lows of $6,208 on the day. Bitcoin price is currently trading at $6,314 as it ushers in another upside correction. It is immediately supported by the 50% Fib retracement level with the last swing high of $6,634.71 and a swing low of $5,914.15 close to $6,274.43. The 100-day moving average on the 15’ timeframe chart is offering support at this level as well. In addition to that, the 50 SMA on the same chart will prevent declines above $6,200.
Bitcoin is prime for higher corrections, similarly it is testing the broken support resistance at $6,300. The stochastic oscillator is recovering from the dip into the oversold, this shows positive sentiments for the bulls. Besides, the moving average gap continues to reduce confirming the rising buying entries. Bitcoin buyers have their eyes locked on $6,400 in the short-term, but the key target is at $6,500. Eventually retesting $6,600 ultimate resistance will allow them to formulate another trajectory path towards $7,000.
In other news related to Bitcoin, the current host of Mad Money segment on CNBC, Jim Cramer has come out saying the odds are finally catching up with Bitcoin (BTC). He had, however, said in June this year that Bitcoin has the possibility of rising to $1 million one day.
The former hedge fund manager made the comments in an interview on CNBC’s Squawk on the Street. He reckoned:
“I think the tide has turned against it. I’m not saying its time has passed but there is a notion that the sun seems to be setting.”
As much as Bitcoin has come under heavy selling pressure in 2018, very few in the industry can agree with Jim Cramer’s opinion that the sun could be setting on the digital asset. For instance, the chief strategy officer at CoinShares, Meltem Demirors said in a reporte published the previous day that Bitcoin will gain value as its growth continues with time. She states:
“New technologies that shift the paradigm take a long time to really understand.”
BTC/USD 15' chart
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