The price of bitcoin rebounded from historically strong support, which increases the likelihood of renewed growth to recent highs above $ 13,000, writes Coindesk analyst Omkar Godball.
On the three-day chart, the main cryptocurrency found support at 10MA, which was at $ 11,150, and had risen to a maximum of $ 11,797 at the time of publication. A rebound of $ 600 from 10MA may be a sign that the rollback from the weekly high of $ 13,200 has ended.
On the stock exchange, Bitstamp 10MA constantly acts as a strong support, stopping the correction throughout the entire rally from February lows around $ 3,500 to June highs around $ 13,800.
Thus, Godbol says, if the story is a guide, then Bitcoin can rise to a maximum of $ 13,200 reached on July 10 in the next few days.
Bitcoin found support for 10MA for the first time on February 9 and has since been trading along this moving average for almost a month, after which an increase of 21% to the level above $ 5000 was observed in early April. 10MA also contributed to strong price increases in early May and June (marked by arrows).
Overall, concludes Godball, there are good reasons to believe that the last rebound from 10MA will continue to recent highs.
Publication date 13/07/2019
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