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Crypto Analyst Says Another Day, Another Bitcoin Swing High By CoinQuora

by Mike Robinson

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© Reuters. A Crypto Analyst Makes another Day of Bitcoin’s High
  • In the week just gone, it jumped to as high as 14%
  • An analyst in crypto said Bitcoin was showing bullish signs.

Bitcoin rose as high as 14% over the past week. This helped the biggest cryptocurrency market capital to reclaim two important technical resistance levels that traders closely monitor.

Tone Vays (a crypto trader, analyst and investor) took to his YouTube channel for explanations about the Bitcoin price swing. According to him, there could be signs suggesting that bitcoin may continue its uptrend over the long term and hit its next resistance near $56,000.

According to Vays, today’s momentum turning negative in the recent week after bitcoin fell below its $47,000 on October 4, the crypto is showing bullish signs on October 10.

However, late Saturday night’s price has strengthened bitcoin’s short-term momentum to be more positive than negative. It would therefore trade above the current value if it breaks current levels.

The analyst also stated that bitcoin would rise an additional 12% to clear $56,000 as the next target resistance. This would allow the cryptocurrency to resume its push towards $65,000 which was its previous record. That’s a potential upside for 38% over current levels. Bitcoin might also turn bearish.

CoinMarketCap reports that Bitcoin is trading at $55,070.75 and has a daily trading volume of $36,189.329,050 at press time. Bitcoin fell 0.19% during the last 24hrs, with a current market capital of $1,037.519,166.747.

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