NEW BITCOIN BULLISH TREND FLOURISHES AS INVESTORS TARGET $12,700 MARK by E. Okorie, 20th of June, 2019
A new bullish trend for the bitcoin is currently predominant in the forex market. Bitcoin price on Monday broke the $9350 resistance level after a strong battle for dominance last week. The bitcoin found support on the $9100 mark and presently swings between the $9150 and $9300. Investors on the other hand target the $12,700 price and are optimistic that this price would be reach before the month is over. Recall that bitcoin has a minor setback last week when the price fell below the $7635 and found support within this region. Although the $12,700 price is quite far, bitcoin volatility nature combined with the notion that (social media giants) facebook has shown keen interest in cryptocurrency by unveiling it's own it's own cryptocurrency (Libra coin), there is a clear indication that the bitcoin would subsequently appreciate in value (speculation).
Inasmuch bitcoin is bullish, we would like to state that this prevailing trend is relatively week as a Upward breakout from the $9350 wasn't in the right sequence so we should probably expect some bearish resistance. Hence the old $9550 and $10000 resistance shouldn't be underestimated. Furthermore, if the Libra coin project fails and doesn't come into fruition in 2020, then bitcoin price may just come crashing down (speculation).