Looking at the Bitcoin market after the weekend, I am sure a burning question in most traders minds right now, “Will Bitcoin go back up?”. Lets take a look at the 1 Day candle chart.
On this chart we can clearly see the bullish price action since the start of July, most traders were expecting a much bigger pullback, however we saw the price dipping to about $7250, before the bulls started buying back into the market.
A lot of surprised traders found Bitcoin testing the next resistance level, $7800 – $8000, this morning, looks like it will be a interesting week. Like I mentioned in my previous report, I am bullish above our shorter term support levels, and I would expect any good dips to be bought up quite quickly.
There is some fundamental news that I think will have quite a strong impact on the crypto markets in general, such as the Google and Facebook news coming out this week. There are also some global economic factors that could add to some accelerated growth in the crypto space, however timeframe on this could be more long term.
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