Bitcoin Posts High Time Frame Breakout as Analysts Eye $17,000+

2020-11-12 05:00

Bitcoin has shown some immense signs of strength today as buyers aim for a $16,000 break. If this level is shattered, the cryptocurrency could be poised to see some immense gains in the coming few days.

This level has catalyzed multiple strong rejections throughout the past few weeks, which indicates that bears may put up a battle if this level is visited in the near-term. Any strong rejection here could spark a sharp downturn.

The entire market seems to be fairly confident that Bitcoin will break above this level or remain stable in the near term.

Most altcoins are pushing higher today, with Ethereum’s ongoing upswing allowing DeFi tokens to see some of the largest gains of the day.

For altcoins, the best possible path forward is likely BTC seeing a prolonged bout of consolidation, which will force return-hungry traders to shift their attention towards altcoins.

One trader is now noting that a move towards $17,000 could be imminent if bulls can post a high time frame close above $16,000. He also notes that there are some important weekly levels at around $16,200.

Crypto Market Rebounds from Recent Lows

At the time of writing, Bitcoin is trading up just under 4% at its current price of $15,850. This marks a break above its previous range highs at $15,800 set just a couple of days ago.

The break above these range highs signals that bulls are regaining control over the benchmark cryptocurrency and may indicate that further upside is imminent in the near-term.

If the cryptocurrency rejects at this level, it may enter into an even more prolonged period of sideways trading that allows altcoins to continue pushing higher.

Bitcoin Posts Major Breakout as Analysts Target Move to $17,000+

While sharing his thoughts on where Bitcoin might trend in the near-term, one analyst explained that the cryptocurrency is poised to push past $17,000 if it can close a daily candle above $16,000 in the near-term.

“BTC: Big breakout for higher-highs on both low time frames and the daily chart. Bitcoin is getting close to some weekly levels near $16,200 which could get rejected. Close above here on the daily and price likely heads to $17k+ with momentum.”

Image Courtesy of Josh Rager. Source: BTCUSD on TradingView.

How Bitcoin reacts to this level in the coming few days should provide insight into its mid-term trend and into that of the broader market.

Featured image from Unsplash. Charts from TradingView.

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