Short Term Indicators Show BTC May Visit $7,400 During Weekend

The price of the most dominant cryptocurrency, Bitcoin (BTC), is still in awe and trading in the $7,000 region for a couple of weeks now after it failed to breach through the $9,000 mark and was left in agony. And while the altcoin news and rumors show that an altseason may be close, short term indicators show that BTC could jump this weekend and trade at $7,400.

At press time, the price of Bitcoin is $7,218 with a market cap of $130 billion. The total cryptocurrency market cap still suffers and is unable to visit the areas over $200 billion. However, the good thing is that the volume is growing and despite the recent losses of below one percent, the situation may be changing real soon.

Well, this is at least what the short term indicators show for this weekend. The dominance that Bitcoin (BTC) has over the other altcoins lies at 66.6% in the cryptocurrency news today – a good sign but not something that surprises us.

Despite a strong finish to the week, the price of Bitcoin is down 3.2% now from the opening of $7,520 on Monday morning, while the 50 and 100 week moving averages (WMA) crossed a lot of points showing that a market shifting to a more bullish trend is close. As it stands, Bitcoin remains below the 100-WMA and has been unable to break through the previous support that has now turned into resistance and is set at $7,600.

It is critical that this level at $7,600 is reclaimed soon in order to be able to declare that there has been a fundamental shift in the market structure. The short term indicators for BTC show that an increase may come this weekend – but the big question is whether this increase could sustain and push Bitcoin towards $8,000 as the new year approaches.

In today’s updates, we can see that there are no big gainers or losers in the top 10, besides Tezos (XTZ) which is now in a minus of 2%. Tron (TRX) is safe at the 12th position and recorded an increase of 2.39% which propelled it to $0.014. Perhaps the biggest gainer today is the 20th positioned MINDOL (MIN) cryptocurrency which has blossomed and rose by 22.88% overnight.