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Although the bears of BTCUSD have resumed back today from the peaks of $7,324.80 levels after shooting star and hanging man patterns at $7,242.40 and $7,300 levels, the bullish potential from here onwards cannot be ruled out. Since it costs about $6,000 to mine a bitcoin and it couldn’t exceed anything lower than that. But the real cause of concern for the short-term traders is that both momentum oscillators (RSI & stochastic curves) signal overbought pressures.
Last year, the journey from $735.3 to a whopping $19,891. (at BITFINEX exchange), or 2,605% surge was commendable. However, on the contrary, the Bitcoin bears have held steady from the last couple of months’ trading sessions.
If none foresees any value in this pioneer cryptocurrency, it will inherently appreciate its ‘hard value’ price of about that much. We could foresee that analysts lucidly perceive worth in this crypto asset as for instance, the efforts to authorize a Bitcoin ETF are still persisting.
On an intermediate trend perspective, the pair has tested the strong support several times in the recent past at 78.6% fibonacci levels from the peaks of last december’2017 (i.e. 5701 levels).
Global Blockchain CEO Shidan Gouran seems to be bullish on Bitcoin price surpassing the $7k mark.
On the contrary, there have been sceptics who have got dubious eyes on the prevailing price of Bitcoin at $7,000 which is perceived as overvalued.
For an instance, the Wheatley model hooks the right value of BTC at stingily at $1,080 levels. The driving force for this model’s low value emphasizes on how much this cryptocurrency is utilized or the demand side of economics.
Psychologically, $7k is something for speculators but is the prevailing price level absolutely driven by any meaningful fundamentals? Can the bullsih rallies above these levels sustain? These have been little puzzling questions for further rallies.
Currency Strength Index: FxWirePro's hourly BTC is flashing at 147 (bullish), while hourly USD spot index has shown 22 (which is mildly bullish), while articulating at 06:07 GMT.
For more details on the index, please refer below weblink:
