By Hassan Mehmood (Saudi Arabia)
Bitcoin has shown a slight recovery of about 2.7% in the past 24-hours. This is not a great rally but its presence in the consolidation means a lot. The momentum for a great upsurge is accumulating and it may surprise the crypto community in the next coming days.
As you can see in the below chart, the value according to the 4-hours chart is moving in an upward direction. But at the apex, there are red candles representing some bumps in the road towards the upward direction. The support level at $7.885 proved to be a strong bouncer and hit the trend line upward. There was strong resistance at $8,100 but it was overpowered by the great momentum of BTC. But the resistance level at $8,600 acted as a hard wall and tried to pull back the trend line.
Bitcoin stable itself in the past five days
The bullish and bearish trends go side by side but one prevails more dominant over the other at one time. The predictions also coincide with market trends and analysts judge on the basis of indicators and trend line moves.
Some have predicted that bitcoin gold will go below $8,000 and happened on Oct.7 when it ditched to $7,770. The judgment of experts has taken practical shape. But they are on the hand also speculated that it will bounce back from this low level and will show a record rally.
But the current value is not up to that level. However, Bitcoin has maintained itself in the past five days from $7,770 to the current value of $8,884.
Bitcoin Price Prediction
According to our technical analysis, the Bitcoin is going to burst out but it needs to cross the resistance level of $8,600 that is acting as a strong resistance level. After crossing this hurdle, BTC has a clear way up to $9,740. The next target of the Bitcoin is $9,740 in case it crossed $8,600.
Conclusion
Today movement has supplemented a lot to bitcoin in order to proceed further but it is not enough. Bitcoin needs some more supplementation to show a massive rally. For this, it has to break the resistance level of $8,600.
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