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Industry news:
Bitcoin behaved positively during the weekend and was able to grow above $7,600 after several weeks below that level. Traders are becoming very enthusiastic about what can happen in the future and whether Bitcoin will start moving in an upward trend.
Other digital currencies were able to expand in the market, not only Bitcoin. Indeed, Ethereum (ETH), XRP, Litecoin (LTC) and Bitcoin Cash (BCH) were also growing and showing their strength. Despite that, the main question for many traders that remains to be answered is when will the industry experience a new alt season.
Mr. Vays considers that Bitcoin dominance could continue growing before the real alt season starts having its effect in the market. Indeed, he remains sure that Bitcoin could eventually reach a market dominance of 98%.
Technical analysis:
Bitcoin has been trading upwards as I expected last week. The price tested the level of $7.627.I do expect more upside movement and potential tests of $7.718, $7.878 and $8.079.
There is the up gap which is holding and the breakout of the supply trendline, which is sign that buyers are in control.
MACD oscillator is showing new momentum up on the last rally, which is good confirmation for our bullish view.
Resistance level is seen at the price of $7.718, $7.878 and $8.079.
Support zone is set $7.207-$7.447
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