Since yesterday, there has been no significant movement on the market. However, if Litecoin (LTC) is added to the equation, then this changes things. LTC has moved out of red territory by 2.25% to a price $59.47. As for Bitcoin (BTC), its influence continues to decline, making up 65.61% of the index.
Since yesterday, BTC has been able to maintain its above $8,500. Below is the relevant data at press time:
Market Cap: $155,142,106,399
Volume (24H): $17,583,224,437
Change (24H): 0.59%
BTC/USD: Are the Bulls Ready for a Return to $9,000?
BTC has broken through the $8,500 resistance mark as trading is higher in this area. Furthermore, a figure resembling a double bottom has formed, favoring growth.
The short-term goal is to gain a foothold above $8,500, and gradually push the price upwards and breakthrough the resistance of this downward wedge. Currently, there are prerequisites for this to occur, as the trading volume is high - between $8,650 and $8,750.
Looking at the bigger picture, the situation is less positive as BTC is trading below the 50-Day moving average (50 MA) and the 100-Day moving average (100 MA).
When the Fibonacci retracement is applied to the chart, the price decreases to the $8,023 mark (78.6%). To sum it up, this will be the end of the bearish trend.
At press time, Bitcoin was trading at $8,555.