Bitcoin Must Maintain $11,100 Moving Forward, Analyst Says
Bitcoin is positioned to continue its ascent if it manages to establish $11,100 as support, one analyst recently said. He shared the chart below just recently, noting that this region has been pivotal for BTC over recent days.
Chart of BTC's price action since the middle of July with analysis by crypto trader Cactus (@TheCryptoCactus on Twitter). Chart from TradingView.com
Bulls on Form For Further Upside
As reported by Bitcoinist previously, analysts are optimistic that Bitcoin has further to move to the upside.
One crypto-asset analyst commented that BTC’s ongoing move is taking place on a “clean” relative strength index (RSI) uptrend, which may indicate that there’s further to the upside that Bitcoin can run:
Image Courtesy of Byzantine General. Chart via TradingView.
The RSI is an oft-used technical indicator that shows when an asset is relatively overbought or oversold (or neutral, for that matter) over a certain time period.
Other fundamental trends, such as the ongoing fiscal stimulus talks in the U.S., are set to drive the cryptocurrency market higher in the coming days. The passing of yet another bill is likely to suppress the value of the U.S. dollar, which will result in a rally in the values of leading alternative assets like Bitcoin and gold.
Featured image from Shutterstock Price tags: xbtusd, btcusd, btcusdt Charts from TradingView.com It's "Super Critical" That Bitcoin Maintains $11,100 MovingForward
Originally from Bitcoinist.com https://ift.tt/3lBq4Qq
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