We are therefore awaiting this famous fireworks display for Bitcoin (BTC): new ATHs are earned on a daily basis with increases, consolidations and decreases, which combined, allow Bitcoin to reach new heights over the days. We get a little break in the ascent or the beginning of a decline today, July 24, 2020, in the BTC markets. Some investors may have made a difference this week and could make next week a historic week if they play the bulls’ game.
Yesterday was technically good, and today?
Yesterday’s green candlestick, July 23, 2020, is already absorbed by a red-colored one today: Bitcoin is trading at $ 9,555 as of this writing.
The 5 hour, 1 day, 1 week and 1 month RSI (14) are always in – or at the threshold – of the bullish zone.
Bitcoin currently enjoys daily supports above $ 9,500; it will have to break through the resistance between the 9,630 USD and the 9,700 USD, to be able to continue its ascent towards the 10,000 USD.
A weekly close tomorrow, July 25, 2020, above $ 9,700, would bring the BTC at its weekly closing level for the week of May 24, 2020; we would have almost the same size of weekly green candlestick.
The weeks which followed May 24, 2020 were marked by a succession of 4 small weekly red candlesticks or dojis; a remake of this scenario for next week or a confirmation of 10,000 USD and up?
Institutional investors, the guarantee of a new ATH?
Open interest on term products BTC CME rose 30% this week, after a recent increase of 16%; this interest had then approached the $ 450 million mark on May 21, 2020. It is now close to $ 500 million.
These figures show the growing enthusiasm of investors for Bitcoin. If this performance is repeated in the coming weeks, the chances of embracing the 10,000 USD are close to 100%.
We still fear the fall after the efforts made which gave rise to the beautiful increases this week. A little advice for bulls: when you run, you have to go free to avoid tiring yoyos because, the most solid major supports, are often found at a thousand dollars or more, from the starting point, and not a few hundreds of dollars.
Litecoin, welcome in the Silver Age