Bitcoin price has witnessed a jump over yesterday with the cryptocurrency trading at $11,340 (global average) as of this writing giving a much needed respite to traders and investors.
Stripe revealed yesterday they are abandoning bitcoin and despite that being a bad news for the world’s most valuable cryptocurrency, things turned out to be positive – at least as far as prices are concerned. Price has moved considerably overnight (albeit in a variety of directions) and things are moving pretty fast heading into the late morning out of Europe.
We expect an upside movement for bitcoin price over what we have seen at the beginning of week and chances are that the momentum will retain until it hits $13,000 levels again. When we see this sort of action, it gives us an opportunity to not only get in on the break but also to ride out the trade towards profitability as the trade matures.
While we want bitcoin price to move upwards, it doesn’t mean it’s going to happen, which is why we ensure we’ve always got some strict risk management principles in place on every trade we get into.
If we look at the current price chart, the range we’ve got in our sights for the session today is a low of 10575 and resistance to the upside at 11,750. If the price does move towards the upward resistance mark, we could see bitcoin price reach $12,000 mark and if it does start declining, chances are we will see it lose all the gains over the last 24 hours and hit $10,300 levels.