{"id":383792,"date":"2019-05-27T00:19:53","date_gmt":"2019-05-27T00:19:53","guid":{"rendered":"https:\/\/wncen.com\/?p=383792"},"modified":"2024-06-11T11:29:27","modified_gmt":"2024-06-11T11:29:27","slug":"bitcoin-closes-weekly-candle-above-8400-stage-set-for-9600-push","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-closes-weekly-candle-above-8400-stage-set-for-9600-push\/","title":{"rendered":"Bitcoin Closes Weekly Candle Above $8,400, Stage Set For $9,600 Push"},"content":{"rendered":"<p>After breaking from $8,000&#8217;s grip on Sunday, Bitcoin (BTC) <a href=\"https:\/\/wncen.com\/2019\/05\/26\/bitcoin-surges-higher-to-flirt-with-8600-analysts-await-10000\/\">skyrocketed to $8,750<\/a> in a jaw-dropping move. While the bullish momentum has slowed for the time being, with BTC beginning to consolidate in the short-term around $8,700, some are sure that the cryptocurrency market will continue to print higher as the week elapses.<\/p>\n<h6 style=\"text-align: center\">Related Reading: <a href=\"https:\/\/wncen.com\/2019\/05\/26\/binances-cz-expects-bitcoin-to-break-from-8000-range-will-it-happen\/\">Binance\u2019s CZ Expects Bitcoin To Break From $8,000 Range: Will It Happen?<\/a><\/h6>\n<h2><strong>Bitcoin Closes Above $8,400<\/strong><\/h2>\n<p>Earlier today, BTC suddenly broke over, shooting past $8,200, $8,400, and $8,600 in rapid succession. Initially, though, some were wary that this was a fakeout, designed to trap bulls into thinking there was going to be a strong weekly close above $8,400. $8,400 is, of course, where this market topped in a bear market rally in mid-2018, and where BTC double topped in early-May.<\/p>\n<p>The thing is, there was a chance that Bitcoin was going to rapidly scale back just as fast as it jumped up.<\/p>\n<p>But, just minutes ago, Bitcoin&#8217;s weekly candle closed at midnight (UTC time zone), marking a strong performance over the past week. As analyst Nick Cote quipped on Twitter in response to this close, &#8220;that weekly print.&#8221; According to <a href=\"https:\/\/www.livecoinwatch.com\/\" rel=\"nofollow\">LiveCoinWatch<\/a>, Bitcoin is up 6.75% on the week.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">That weekly print.<a href=\"https:\/\/twitter.com\/hashtag\/bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#bitcoin<\/a> <a href=\"https:\/\/t.co\/r60WXwmAxR\" rel=\"nofollow\">pic.twitter.com\/r60WXwmAxR<\/a><\/p>\n<p>&mdash; Nick Cote (@mBTCPiz) <a href=\"https:\/\/twitter.com\/mBTCPiz\/status\/53936896?ref_src=twsrc%5Etfw\" rel=\"nofollow\">May 27, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>So what&#8217;s next? Well, now that the weekly candle has closed decidedly bullish, some are adamant that anywhere to $9,600 to $10,000 for BTC is in the cards. Josh Rager, a team member at Level and a popular analyst, recently noted that now that the close was strong, he fully expects for a move to $9,600 to come to fruition. As he wrote in a recent tweet: \u201cGoodbye meme triangle, hello $9k+ targets. Bitcoin could cool off, run sideways but IMO will continue to move up over $9k.\u201d<\/p>\n<p>Some have been a tad more optimistic. Adamant Capital&#8217;s Tuur Demeester exclaimed last week that Bitcoin continues to hold in a bullish parabola, which has acted as support for BTC since December 13th\u2019s jaw-dropping bottom.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">A bullish short-term scenario for Bitcoin <br \/>HT <a href=\"https:\/\/twitter.com\/INXLimited?ref_src=twsrc%5Etfw\" rel=\"nofollow\">@INXLimited<\/a> <a href=\"https:\/\/t.co\/3QSzk9R48R\" rel=\"nofollow\">pic.twitter.com\/3QSzk9R48R<\/a><\/p>\n<p>&mdash; Tuur Demeester (@TuurDemeester) <a href=\"https:\/\/twitter.com\/TuurDemeester\/status\/91621888?ref_src=twsrc%5Etfw\" rel=\"nofollow\">May 23, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>In fact, the asset touched the parabola in February, late-March, early-April (to kick off the current rally), throughout early-May, and just last week. If this trend continues, the Adamant representative suggests that Bitcoin could rally by 40% \u2014 around $3,000 \u2014 from current levels to hit $11,000 by early-June. This begs the question \u2014 is crypto winter finally over?<\/p>\n<p>According to Fundstrat Global Advisors&#8217; <a href=\"https:\/\/wncen.com\/2019\/04\/04\/crypto-lee-bitcoin-14000\/\">Tom Lee<\/a>, this might just be the case. In a recent Twitter post, the Fundstrat head of research gave 13 reasons why the bear market is over.<\/p>\n<p>Some of these important reasons include the fact that\u00a0Bitcoin <a href=\"https:\/\/wncen.com\/2019\/05\/20\/tom-lee-bitcoins-move-back-to-8000-confirms-the-end-of-crypto-winter\/\">quickly returned to $8,000<\/a>\u00a0after the $1,700 dump on Bitstamp; the Bitcoin Misery Index passing above 89, a sign only seen in bull markets; a grow in on-chain activity and volumes, which historically have preceded rallies; and the fact that Bitcoin\u2019s chart recently saw a bullish \u201cgolden cross\u201d pattern\u201d while BTC moved above its 200-day moving average in spectacular fashion.<\/p>\n<pre>Featured Image from Shutterstock<\/pre>\n","protected":false},"excerpt":{"rendered":"<p>After breaking from $8,000&#8217;s grip on Sunday, Bitcoin (BTC) skyrocketed to $8,750 in a jaw-dropping move. While the bullish momentum has slowed for the time being, with BTC beginning to consolidate in the short-term around $8,700, some are sure that the cryptocurrency market will continue to print higher as the week elapses. Related Reading: Binance\u2019s CZ Expects Bitcoin To Break From $8,000 Range: Will It Happen? Bitcoin Closes Above $8,400 Earlier today, BTC suddenly broke over, shooting past $8,200, $8,400, and $8,600 in rapid succession. Initially, though, some were wary that this was a fakeout, designed to trap bulls into thinking there was going to be a strong weekly close above $8,400. $8,400 is, of course, where this market topped in a bear market rally in mid-2018, and where BTC double topped in early-May. The thing is, there was a chance that Bitcoin was going to rapidly scale back just as fast as it jumped up. But, just minutes ago, Bitcoin&#8217;s weekly candle closed at midnight (UTC time zone), marking a strong performance over the past week. As analyst Nick Cote quipped on Twitter in response to this close, &#8220;that weekly print.&#8221; According to LiveCoinWatch, Bitcoin is up 6.75% on the week. That weekly print.#bitcoin pic.twitter.com\/r60WXwmAxR &mdash; Nick Cote (@mBTCPiz) May 27, 2019 So what&#8217;s next? Well, now that the weekly candle has closed decidedly bullish, some are adamant that anywhere to $9,600 to $10,000 for BTC is in the cards. Josh Rager, a team member at Level and a popular analyst, recently noted that now that the close was strong, he fully expects for a move to $9,600 to come to fruition. As he wrote in a recent tweet: \u201cGoodbye meme triangle, hello $9k+ targets. Bitcoin could cool off, run sideways but IMO will continue to move up over $9k.\u201d Some have been a tad more optimistic. Adamant Capital&#8217;s Tuur Demeester exclaimed last week that Bitcoin continues to hold in a bullish parabola, which has acted as support for BTC since December 13th\u2019s jaw-dropping bottom. A bullish short-term scenario for Bitcoin HT @INXLimited pic.twitter.com\/3QSzk9R48R &mdash; Tuur Demeester (@TuurDemeester) May 23, 2019 In fact, the asset touched the parabola in February, late-March, early-April (to kick off the current rally), throughout early-May, and just last week. If this trend continues, the Adamant representative suggests that Bitcoin could rally by 40% \u2014 around $3,000 \u2014 from current levels to hit $11,000 by early-June. This begs the question \u2014 is crypto winter finally over? According to Fundstrat Global Advisors&#8217; Tom Lee, this might just be the case. In a recent Twitter post, the Fundstrat head of research gave 13 reasons why the bear market is over. Some of these important reasons include the fact that\u00a0Bitcoin quickly returned to $8,000\u00a0after the $1,700 dump on Bitstamp; the Bitcoin Misery Index passing above 89, a sign only seen in bull markets; a grow in on-chain activity and volumes, which historically have preceded rallies; and the fact that Bitcoin\u2019s chart recently saw a bullish \u201cgolden cross\u201d pattern\u201d while BTC moved above its 200-day moving average in spectacular fashion. Featured Image from Shutterstock<\/p>\n","protected":false},"author":497,"featured_media":370159,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,6664,2887],"class_list":["post-383792","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-crypto","tag-market"],"acf":[],"yoast_head":"\n<title>Bitcoin Closes Weekly Candle Above $8,400, Stage Set For $9,600 Push<\/title>\n<meta name=\"description\" content=\"After breaking from $8,000&#039;s grip on Sunday, Bitcoin (BTC) skyrocketed to $8,750 in a jaw-dropping move. 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My insights and interviews have been featured in leading publications in the industry such as LongHash and Decrypt. I own a small amount of Bitcoin.\",\"url\":\"https:\/\/wncen.com\/author\/nickchong\/\"}]}<\/script>\n","yoast_head_json":{"title":"Bitcoin Closes Weekly Candle Above $8,400, Stage Set For $9,600 Push","description":"After breaking from $8,000's grip on Sunday, Bitcoin (BTC) skyrocketed to $8,750 in a jaw-dropping move. 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