After a volatile day, Bitcoin manages to get back above $11,000

03 Jul, 2019
by David Borman
Price Analysis
After a volatile day, Bitcoin manages to get back above $11,000

In just the last day, Bitcoin has been as low as about $9,600 only to rise from the ashes and retest on $11,000, and is currently holding a bit above on Coinbase. While Altcoins are still not seeing a strong breakout, there is general growth across much of the market.

It appears that Bitcoin has broken out from the descending wedge it had been forming, and now is heading to test the next major resistance at the 50% fibonacci retracement level, at about $11,500.

BTC/USD Chart provided by Tradingview

An upward break is optimistic, and the RSI is low enough to allow for further upside, but watch out for the descending buy volume, which could point to a short lived pump. Resistance is also reinforced by the 50 MA on the 4 hour timeframe.

Much of the Altcoin market was slowly following the Bitcoin momentum today, with some notable upside from Waltonchain (WTC, +27.23%) and Ren (REN, 21.20%).

As for general downside, among the worst hit were BitTorrent Token (BTT, -6.58%) and THETA (-5.49%). Much of the market had only moved a couple of percent at most over the previous 24 hours.

Can Bitcoin keep pumping? Can Altcoins ever catch up? Stick with Chepicap for all market updates!

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