Bitcoin Breaks $11k As New Support Forms And Analysts Turn Bullish
February 20 2018 - 5:03AM
ADVFN Crypto NewsWire
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Monday, Feb. 19: the Bitcoin price has surpassed $11,000 twice since
Sunday as bullish sentiment returns to markets and new support
begins to form.
Data from Cointelegraph’s price index shows a BTC/USD journey to
a high of $11,190.10 Feb. 18, followed by a smaller peak above the
significant barrier Monday at $11,001.45.
Optimism is flowing after Bitcoin broke through resistance
surrounding $10,000 Feb. 16, the threshold subsequently forming a
support floor with prices staying above it as of press time.
The move upwards broadly reflects predictions by well-known
cryptocurrency price analyst Tone Vays, who in various recent
forecasts warned of volatility around
$10,000 and a repositioning of support floors.
Now, “clear” support and resistance will make future price
action “more predictable” going forward, he says, noting the
“bullish” trend in both daily and weekly charts as the week
begins.
Bitcoin has outperformed the majority of the top 50 altcoin
assets tracked by Coinmarketcap in USD terms over the
past 24 hours.
Ethereum Classic (ETC) has been a notable exception, gaining 11%
on BTC since Sunday amid a trading uptick following a social media plug by major proponent
Barry Silbert Feb. 12.
Silbert had attributed Bitcoin’s latest rise to the effect of
its appearance on US talk show Ellen late last week, in which host
Ellen DeGeneres briefly explained what Bitcoin is to
millions of viewers.
Ethereum (ETH), Ripple (XRP), Bitcoin Cash (BCH) and Litecoin
(LTC) meanwhile lost around 2% against BTC during the same
period.
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