Bitcoin Hovers at $8k | AT&T Allows Customers to Pay in Bitcoin

Bitcoin Hovers at $8k

Bitcoin hovers at $8k after rebounding from $7.7k yesterday. Looking at the daily chart above, Bitcoin is on a green 1 candle and remains in neutral territory. Also, bulls are seeing the formation of an ascending triangle with a base at $8.3k. In technical analysis, ascending triangles have a 70% probability of breaking to the upside. A pattern means nothing until confirmation, but if Bitcoin increases past $8.3k, look for a bullish swing trade to $9k-$9.4k before a potential pullback. As we’ve mentioned in previous articles, $9.4k aligns with the 0.382 fibonacci level and is therefore the most critical resistance level for the bulls.

4 Hour

Bitcoin is currently on a green 7 of 9 candle on the 4 hour chart above. Price is short-term bullish on the 4 hour chart. Bitcoin is testing the green sequential resistance line at $8.2k. If price breaks above $8.3k look for more upside potential in the near term. It will be interesting to see whether Bitcoin undergoes a tentative price flip if we reach a green 9 eight hours from now.

Cryptocurrency News

Yesterday, we learned that AT&T will now allow customers to pay their phone bills with Bitcoin. While this is a positive step towards broader consumer adoption, it seems unlikely that many people will actually pay in Bitcoin as opposed to holding it with the hope it will appreciate.

In other news, Facebook plans to launch GlobalCoin cryptocurrency as early as 2020. Facebook hopes to begin testing by the end of the year and expects their cryptocurrency to launch in 12 countries by Q1 of 2020. Facebook’s cryptocurrency is obviously a centralized system which doesn’t provide any of the benefits of Bitcoin as a decentralized and unconfiscatable store of value. That being said, GlobalCoin will compete with the banking sector as well as JP Morgan’s newly created cryptocurrency: JPMCoin by reducing customer costs.

Conclusion

Bitcoin hovers at $8k, as not much has changed since yesterday. Bitcoin still faces resistance at $8k while $7.2k is the most critical level of support for the bulls. If resistance at $8.3k is broken look for a test up into the $9k price channel.