Bitcoin Remains Above $7,200 For 3 Days; Where is the Market Headed?

Since early August, Bitcoin has shown a level of stability it hasn’t seen since early 2017. Throughout this week, bitcoin price has remained above the $7,200 mark.

Since Sunday, the cryptocurrency market has not seen any major movement to both the upside and downside, possibly due to the lack of momentum and volume in Bitcoin, Ethereum, and other major cryptocurrencies to initiate a strong mid-term rally.

But, the stability shown by Bitcoin could be considered as a positive indicator for mid-term recovery, as it is highly unlikely for any asset, commodity, or currency to see a major trend reversal following a 70 percent correction within a period of several weeks.

Where is Bitcoin Going Next?

Based on the simple trend Bitcoin has recorded since January, the solid short-term recovery of BTC from the $6,000 mark to the $7,200 resistance level should be sufficient to lead BTC to test major resistance levels at $7,500 and $8,000.

The reversal of moving average convergence…