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Bitcoin is expected to push further upwards. It managed to secure certain insurable area for the bulls above $10,500 area. Therefore, Bitcoin is expected to reach $15,000 area by breaking above the recent high of $13,800.
Bitcoin and gold are the most preferable safe-haven assets among the investors all over the world after the key rate cut by the Fed and a new round of US-China trade war. Bitcoin is expected to hit a new high this week as China's central bank has devalued its currency by setting its daily reference rate for the yuan/dollar at 6.92. Even though crypto trading is technically banned in China, investors can still access OTC and peer-to-peer platforms to load up on Bitcoin and other crypto assets. With decades of oppression and internet censorship, the people are quite used to circumventing state controls to access what is freely available elsewhere, crypto included.
Earlier some speculations were against Bitcoin's growth and many expected the price to fall back towards $6000 area again, but Bitcoin set a rally. It is expected to push the price higher towards $15,000 area. The last two times that Bitcoin has seen this signal in this cycle was preceding two three-weeks surges to the upside of 52% and 61%. Should history repeat itself, Bitcoin could surge to around $17,000 by the end of August. As Dow Jones and other prominent stocks plunge, Bitcoin gained in value which is expected to sustain further until a new high above $13,800 is created.
TECHNICAL OVERVIEW:
The price is currently residing above $12,000 area which is expected to correct itself and retest $12,000 area again before any upside pressure is observed in the coming days. Though the price has been quite non-volatile, and no Bearish Divergence is seen. The price has a greater probability to push high above $13,800 area and achieve the psychological price area of $15,000.
TECHNICAL LEVELS:
SUPPORT- 10500, 11000, 11500, 12000
RESISTANCE- 12500, 12800, 13300, 13800, 15000
BIAS- Bullish
MOMENTUM- Non-Volatile
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