Bitcoin extends advance and tests prices above 7,300
InvestingOnline.com
3/09/2018, 21:48Bitcoin is training positively for the fourth day on Monday as risk appetite over the market is helping the cryptocurrency to reach fresh highs. BTC/USD is currently testing the 7,300 level.
After rallying $535 or 7,8% since August 30 lows around 6,790 to Monday highs at 7,330, Bitcoin is trading in consolidation mode just above the critical line of 7,240. It seems market sentiment is again pro-bitcoin as the asset has gained $2,000 in value in less than a month.
Experts around the world believe in the success of cryptocurrencies; specifically, Hermann Finnbjörnsson, founder and CEO of Svandis, said that there is “less than a 1% chance in my mind that bitcoin won’t succeed.”
“I think that there are a lot of reasons to be bullish on bitcoin. Banks are getting into bitcoin,” Finnbjörnsson stated.
So, bitcoin is trading higher, with a 4% gain just in the few days of September. However, the crypto asset remains negative on the year. On Monday, the pair is trading almost flat at 7,290, but it seems BTC/USD has built e new bullish leg after breaking the 6,840 level on August 27 and using it as support on August 30.
BTCUSD daily chart September 3
Technical conditions are now favoring a bullish continuation as MACD is currently above its midlines, while RSI is showing the uptrend is healthy. Moving averages are aligned to the north. Buyers are also protecting the $7,200 support.
To the upside, if BTC/USD consolidates levels above the 7,200 area, it will find immediate support at 7,790. Above there, please check for the 200-day moving average at 7,840. Finally, the last frontier lies at 8,500.
To the downside, if the pair is finally rejected by the 7,300, it will find support at the 50-day moving average at 7,040 and the critical 6,840. Below there, check for buying zones around 6,250.
