Coming every Sunday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cointelegraph in one link.
Bitcoin is at a pivotal point — and the next few weeks are likely to be critical in establishing a medium-term price trend. The resistance zones are still clear: $10,100 to $10,500. According to analyst Michaël van de Poppe, another test of this resistance zone should end in a breakout to the upside. The more often a resistance gets tested, the weaker it becomes, as sellers get exhausted. He believes that the moment $9,600 breaks, a rally toward $10,000 should be expected — and if the bullish scenario plays out, further upward momentum is possible. “The $10,500 resistance has been tested several times, which means the price can quickly run to this level once more,” Michaël wrote. “If this happens, it wouldn’t be surprising to next see a price of $11,600 to $12,000 per Bitcoin very quickly.” He added that even if BTC retraces toward $7,500, it’s still bullish on the higher timeframes: “Corrections are healthy in markets and should be qualified as potential buy the dip opportunities.”
Continue Reading on Coin Telegraph
