Bitcoin broke above the key level of $ 9600 and set a new Annual high. Before the cryptocurrency was the only notable obstacle is the resistance in 10 thousand Dollars. Now it is an important line, overcoming which will cause a strong jerk of the price of the asset.
The General situation looks like this:
- the price of cryptocurrency is steadily moving to the line of 10 thousand dollars
- the pressure of buyers on the market grows with each passing hour
At the moment Bitcoin is trading at 9829 dollars. For the past day coin grew by 6.16 percent. Such a course has not been since the sixth of may 2018.
Technical analysis
Earlier, many analysts have said about the high probability of imminent testing of a line of 10 thousand dollars. After a break above 9400 dollars dynamics of trading pair BTC/USD has increased manifold, which allowed Bitcoins without any problems to set a new annual maximum value. Now the cryptocurrency is above 9700 USD and 100 SMA moving average scale 1-hour chart.
Note that a break of the line 9600 dollars was the signal for opening long positions. If you entered long at this point, we recommend you to wait for growth to 10 thousand dollars and fix profit. Next time to play on the rise after the successful test of the main resistance.
What altline?
The graph of the index of dominance of Bitcoin looks like this figure will soon begin to grow rapidly. It is expected that in the foreseeable future BTC will occupy about 70 percent of the total capitalization of the stock market. Not the best scenario for altcoins.
The same opinion is shared by most market players. According to the survey on the village criptonita dennis, about 77 percent of traders expect higher index of dominance of Bitcoin.
Graphics coins look promising, but only in currency pairs with the dollar. But couples with Bitcoin from the point of view of technical analysis are doomed to another major drain. In 2017 there was a similar trend: during the explosive growth of BTC from 3 to 20 thousand dollars a big part of altcoins bring only losses.
So now we recommend you to concentrate on accumulation and trade only the main cryptocurrency.
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