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As per CoinMarketCap, the flagship cryptocurrency is surging 14.85 percent. On Monday, BTC quickly broke through the $6,000 resistance after the US Fed Reserve announced infinite QE measures to support financial markets.
At the time of writing, Bitcoin is trading at $6,705. Analysts believe that BTC needs to cross a few more upper levels and close above them in order to continue its rise.
‘Daily close above 6900 then i'll look for longs’
TraderSZ tweets that he is still leaning towards a bearish scenario. He is looking for BTC to close above the $6,900 level on the daily graph in order to start opening long positions.
If BTC drops below $5,850 again, the trader will look for shorts, he says.
“Sidelines for me personally. Still leaning bearish but no clear entry. IF we clear 5850 again, I'll start looking for shorts. Daily close above 6900 then i'll look for longs. Avoiding this range we're in. Looking to play breakout. Not a fan of scalping btc so will be in fx till then.”
Trader ‘George’ tweeted that Bitcoin did not sweep the lows before its sharp rise on Monday. He stated that he will keep looking to open short positions on any sweep of the BTC highs, since the major crypto may drop as fast as it rose.
Summarizing his take, ‘George’ tweets:
“If something isn't clear, stay out. Simple as that.”
If it happens ‘I'll be targeting $7,800 next’
Analyst Michael van de Poppe believes that right now Bitcoin needs to break out of the $6,800-$6,950 area – in that case further price moves are likely to be bullish and BTC will head for $7,800.
However, if that fails to happen, the analyst says he will remain bearish and will target the $5,200-$4,800 zones.
“Bullish if we break $6,800-6,900 and flip support. Bearish if not, and then I'm still targeting $4,800/5,200. I'm just sharing my views here.”