Bitcoin Likely to Reach $12,000 Following Robust Weekly Close, Claims Trader

2020-10-13 21:00

Bitcoin’s price has been sliding lower throughout the past few hours due to its stalling momentum This decline is occurring directly following an incredibly bullish weekly candle close posted by the cryptocurrency Analysts believe that this close will provide it with some serious strength going forward, potentially putting a firm end to its recent downtrend It is important to note that there is a CME gap that exists around $11,100, which may act as a magnet that pulls BTC lower Once filled, however, the support around this price level could be enough to propel Bitcoin significantly higher

Bitcoin and the entire cryptocurrency market are currently caught within yet another consolidation phase. This comes just days after they experienced some intense upwards momentum that put an end to the previous bout of sideways trading.

BTC’s recent upswing led it to highs of $11,400, which is around where its rally lost its momentum, and its price began sliding lower.

The next key resistance level for the cryptocurrency sits around $11,600, although it has yet to be tested.

One analyst recently shared his thoughts on Bitcoin, noting that the recent weekly close was incredibly strong, adding that he sees no reason why BTC can’t reach $12,000 this week.

Bitcoin Struggles to Maintain Momentum as Price Inches Lower 

At the time of writing, Bitcoin is trading down just under 1% at its current price of $11,290. This marks a slight decline from recent highs of over $11,400.

Where the entire market trend next will likely depend largely on Bitcoin and whether or not it extends this slight downwards momentum.

It is possible that BTC will continue declining until it reaches the CME gap it formed during its latest upswing, which sits around $11,100.

Analyst: Strong Weekly Close Indicates Move to $12k is Imminent 

Bitcoin may be positioned to rally towards $12,000, one analyst believes.

He points to the strength of the cryptocurrency’s recent weekly candle close, noting that there’s no reason for its price to face any immense turbulence in the days ahead.

“BTC: Heck of a weekly close for Bitcoin. Price is back up in previous range prior to breakdown and personally, I don’t see why we can’t see $12k this week. Take it day by day, level by level,” he said while pointing to the below chart.

Image Courtesy of Josh Rager. Chart via TradingView.

Bitcoin is currently guiding the entire crypto market and is likely to continue doing so in the week ahead. This makes its price action crucial for understanding that of altcoins as well.

Featured image from Unsplash. Charts from TradingView.

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close weekly following bitcoin potentially putting firm

Источник: bitcoinist.com

close weekly → Результатов: 126


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After an admittedly odd past few weeks of trading, Bitcoin recovered well enough to take its highest close of 2019 thus far. Despite July and August seeming somewhat lackluster with plenty of flat action, the weekly close at just under $11,500 (Binance) suggests things are looking up. In tandem with the bullish weekly view, a […]

2019-8-13 05:57


Bitcoin Weekly Close Nears as Bears Maintain Control; Will BTC Soon Drop Below $9,000?

Bitcoin (BTC) and the aggregated crypto markets have climbed slightly today after facing significant downwards pressure over the past couple of days. This recent price action has signaled that bears are currently in full control of the cryptocurrency, and without a major push by bulls, Bitcoin could face an incredibly weak weekly close that spells.

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With everything that has happened in the crypto sphere in the last few weeks, it would be a long time before people stop talking about the market. Even though there are quite a few people who think that the recent pullback experienced by Bitcoin will be sustained, there still are a lot more people that […] The post Bitcoin Price Watch: ‘A Bullish Weekly Close Looks Promising’, Will BTC Hit $10k This Week? appeared first on ZyCrypto.

2019-5-19 20:03


Фото:

Bitcoin Price Analysis: Bears Look to Trap Bulls Into Weekly Close

As the Bitcoin price weekly candle draws towards a close for the week we take a look at what the performance over the week looks like going into the final week of March. Bitcoin price: 4-HOUR CHART Looking at the4-hour chart, we can see that the bitcoin price has spent the last few days oscillating around the weekly opening price of $3965, with the bears continually attacking this level.

2019-3-24 22:30


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