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Bitcoin (BTC) Technical Analysis: Breaks $7,800 on New Rally

Published 05/13/2019, 12:37 PM
Updated 05/13/2019, 02:01 PM
© Reuters.   Bitcoin (BTC) Technical Analysis: Breaks $7,800 on New Rally
BTC/USD
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Bitcoin has just broken above $7,800 for the first time since July 2018, after a new wave of bullish momentum takes over the crypto market.

In the last hour, Bitcoin buyers have added an extra 5% gain to Bitcoin’s increasing value as the American trading session heats up.

Trading volumes have also risen by over $1.2 Billion according to data from Coinmarketcap, which has helped catapult BTC over a major resistance level at $7,440.

Historically, this particular level has been a significant problem for BTC on 3 occasions ; namely where it created the first major pullback during the Q4 2017 rally, and when it prevented BTC from recovering during the July crash of 2018 (see below).

This article appeared first on Cryptovest

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