Bitcoin remain resilient and determine to stay above $750 against USD after successfully breached this massive key psychological price zone yesterday. Currently, the BTCUSD traded at $766, the highest in 5 months in Coinbase. The BTC price had been long consolidated along $720-$750 range for the past month. The last time it was traded higher than $750 was on November 20. However, from there it retracted to lower price levels with modest volume and decreasing volatility. With renewed Chinese capital control, BTC still regraded as the best possible proxy mechanism. Moreover, the weakness of US dollar indeed push BTC to the upside. But the advancement could be cut as traders are ready to take profits as well short the BTC if the price surge are too sharp. The possible impact of the US employment data and Italy referendum could change the dynamics. But, profit-takings will emerge along sub-800 range. Furthermore, the squabble on adoption of segwit, possible hard fork and other infrastructure issues continue to loathing the Bitcoiners for the medium term . These are the stumbling blocks weighted the long term future of the bitcoin as well as cryptocurrency.
Volatility Index of BTC/USD. source : btcvol.info
The price managed to reached intraday high at 773 but retreated to 766.70, a hike of 1.7% from yesterday close. Price has been trading above the 200 Exponential Moving Average (EMA) since October 2015 confirming its long term bullish trend. Its next notable resistance should be seen around the 785-787 levels. With growing Bitcoin gigs and endorsement of blockchain technology, the price of BTCUSD stays robust and prospect of $1000 to one Bitcoin remains intact.
The nearest support level now formed at 750 level which it was able traded for substantial time frame on the month of June. Next downside could be supported at 727, there were strong buying interest gathered and form a solid support block around this zone. If the sellers keep the price down, the next level of support should be around 700-705 range. The support zones are literally representing the most probable price levels where the slumping prices can bounce back or swing. So, take extra attentions on these key price points for your entry or exit levels.
Remember: The author is a trader who is subject to all manner of error in judgement. Do your own research, and be prepared to take full responsibility for your own trades.