Bitcoin shows signs of recovery, the cryptocurrency markets are trying to recover

Saturday, June 2, the price of bitcoin shows signs of recovery, observing the graph BTC / USD note a bullish momentum in place and a figure of head and shoulders reversed that provides for the development of a positive movement, the signal would have already been confirmed a few minutes after exceeding 7,600, the next target for bulls can now be estimated at 7,800, after which, 8,000 becomes the most significant resistance able to change the market if it is overtaken.

As can be seen from the chart below, related to BTC / USD with 1-day compression, the market has violated downward the upward trendline that joins the lows from September 2017 and then subsequently recover it, returning to the bullish channel.

This could mean that we are facing an important market minimum, the supportline trendline could bounce the price significantly, giving rise to a larger rise, but there are several resistances to overcome, including moving averages and psychological levels like for example $ 8,000.

At the time of writing we are seeing that the main altcoin cryptocurrencies are moving from negative to positive following a positive bitcoin movement which has increased by about $ 200, from 7.470 to 7.680 in a few minutes, as shown in the chart below with time frame 15 minutes.

Yesterday, we resumed the news of CNBC in which a bitcoin price forecast is quoted by Dan Morehead, founder of Pantera Capital Management; according to Morehea all cryptocurrencies have a low price at the moment, it is much cheaper to buy now than at the end of last year when the markets were traveling at historical highs, the expert thinks that bitcoin may have hit the bottom this year and expects the start of a bullish rally, while on May 27 another forecast of Trevor Wade said that “these bearish phases are the last chance for investors to buy bitcoins, before the price exceeds $ 10,000 or more. Reducing the reward of the blocks will lead to an increase in demand and, in turn, to an exponential surge ”

If these forecasts come true in the end only the market will reveal it however many think that bitcoin and cryptocurrencies will be raised in the next period also in view of an entry of institutional capital, of course it is necessary to choose valid projects and among all definitely XRP of Ripple.

About Paolo Cianfriglia 28 Articles
Paolo is a financial analyst who likes to analyze and write about financial markets, especially abuot the fast-growing cryptocurrency markets. He writes for several websites and corporate blogs and at the same time offers advice to investors who are not yet familiar with the dangers related to the digital currency markets. Strongly motivated by the interest in blockchain technology, he loves sharing the news of the sector. Email Address: paoloweb@altcoinews.it

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