CNBC Counter Indicator Does it Again; Bitcoin Bounces Back in 8% Surge

Hopes of a lowerpriced Bitcoin for better accumulation opportunities are fading. It hasbeen clear from the crypto twitter verse that many had been waiting for a dropback to $6,000 to load up again but the opposite has happened this morning asBTC surges back towards $8,000.

Big Pump During Asian Trading

Bitcoin has spent most of the past 24 hours trading sidewaysat $7,300. Daily volume has trailed off somewhat dropping to a low of $20billion and indicators were starting to signal another drop. Many analysts hadpredicted a plunge to support at $6,400 or below. Talk of a bull trap and BTCreaching its top were reportedby EWN just a few hours ago. Some were stating that Bitcoin was extremelyoverbought and a plunge was imminent.

The complete opposite has just happened with BTC surging 8%on the day from a low of $7,250 up to above $7,800 where it currently trades. CNBC did itagain with another prediction that the chart was showing a head andshoulders pattern indicating that Bitcoin was about to dump. Trader Josh Rager pointed out;

“CNBC calling head & shoulders… And I really wanted to buy the dip down to low to mid $6ks. Was a clear counter indicator as Bitcoin is starting to pump,”

With ‘Bleeding Crypto’ adding “This shit never fails!! Themarket does the exact opposite of what they post everytime… WOW!!”

Where Next For BTC?

Rager continued with some analysis stating that next targetswould be around $8,200.

“$BTC – 1 Hour Chart. Bitcoin certainly looks to be pumping, now over previous resistance. Price is near $8000 & looks to be heading toward the $8200 1D resistance (might consolidate prior). A close above $8200 on the daily/weekly would be very bullish and would target $9600+”

$8,200 is the previous resistance zone so Bitcoin may wellhead there today, a pullback could lead to the correction that everyone has beenwaiting for. However, if the bulls can maintain their buying pressure BTC couldbreak all the way through $9,000.

Bitcoin’s dominance is back to 57% and the move has pumped$18 billion back into crypto market capitalization which has returned to $245billion. The altcoins are also getting a boost with Ethereum, Litecoin and EOS addingover 4%, Bitcoin Cash 6% and Binance Coin flying with an 11% surge on the day.

Source: Read Full Article