After rallying just over 150% from March’s capitulation lows, the Bitcoin bull trend has tapered off over recent weeks. Instead of a clear uptrend, the cryptocurrency has found itself caught in a tight range with deviations from said range failing.
With BTC still trapped under the $10,000-10,500 resistance, the consolidation has injected uncertainty into the crypto markets.
One trader noted that the consolidation that Bitcoin has seen over the past two weeks looks extremely similar to the formations seen prior to crashes in November 2019 and February 2020.
A growing perfect storm of technical signals shows that BTC is poised to rip higher in the coming weeks.
Related Reading: Low Cap Altcoins Are Dominating Bitcoin in 2020: Here’s Why It Won’t Continue
Bitcoin Prints Confluence of Technical Signals
Bitcoin’s price action may have been tepid over the past few weeks, but a crypto trader sees four technical reasons why the asset could trend higher in the coming months:
Bitcoin has flipped the top of the range, $9,700, into support.
Every price dip gets strongly bought.
Bitcoin’s “AO” reading failed to return to a reading of “0,” suggesting the bull trend has persisted.
A number of exponential moving averages have seen “golden crosses.”
Bitcoin price analysis shared by cryptocurrency day trader Jon CC (@JonCCT on Twitter).
According to the analyst, this confluence of signs suggests that Bitcoin will rally to $15,000 by early to mid July.
“Alright I give up. I keep trying to find reasons to be bearish but Im running out of ideas,” the analyst commented on the bulish sentiments that can be drawn from the chart.
The Start of an Even Greater Rally
Bitcoin breaking past $15,000 could mark the start of a greater rally, according to Arthur Hayes of BitMEX. The notable industry executive commented when BTC broke past $10,000 last week:
“The basis is starting to get juicy. It sure beats earning 0% at the bank, thanks Jay. But this rally ain’t real until we take out $15k.”
The basis is starting to get juicy. It sure beats earning 0% at the bank, thanks Jay. But this rally ain’t real until we take out $15k. pic.twitter.com/8nLXodzipp
— Arthur Hayes (@CryptoHayes) June 2, 2020
Hayes did not identify why $15,000 was so important, but $14,000 was the point at which BTC topped in 2019.
In turning “real,” the BitMEX chief executive thinks Bitcoin will hit $20,000 by the end of 2020. He previously cited the influx of “funny money” by central banks and governments as reason for the leading cryptocurrency to trend higher in the year ahead.
He cemented this sentiment in a recent interview with Raoul Pal of Real Vision, referencing how the stimulus could act as a catalyst for Bitcoin to head higher. Hayes specifically identified the $1,200 cheques in the U.S., explaining that after they bought what they needed in terms of food, assets like equities and crypto could have been the next thing to buy.
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Price tags: xbtusd, btcusd, btcusdt
These Four Technical Signs Show Bitcoin Rallying to $15,000 Is Imminent origin »
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Over the past few days, Bitcoin has found itself stalling in the low-$9,000s, seemingly trying to establish a level of support at around $9,200-$9,300. Right now, it seems to be working, with BTC rallying after the price heads into that range.
In the past 20 minutes, Bitcoin has finally exploded higher out of the weekend range, breaking above $9,500 for the first time since the strong top seen on January the 30th. Per data from TradingView, the cryptocurrency just minutes ago hit $9,620 — rallying 2.
Bitcoin has in the past few weeks struggled to reach and stay above $10K. In the last few days, the asset has mostly traded within the $9,500 and $9,700 price range. Starting yesterday the top coin began rallying.
Bitcoin price is finally taking a much-needed breather, after rallying for five months straight and bringing crypto investors who bought the bottom as much as 300% returns before it was rejected at $14,000 per BTC.
A bullish break will see the market rallying above the $0. 01200 price level. Similarly, a bearish break will break the lower price range of $0. 00900 as the crypto depreciate further. XVG/USD Medium-term Trend: Ranging Resistance Levels: $0.
Bitcoin price is consolidating above the $95,000 support zone. BTC must settle above the $100,000 level to start a fresh increase in the near term. Bitcoin started a fresh increase from the $94,200 zone.
Bitcoin price started a fresh upward move above $100,000. BTC is facing resistance at $103,000 and might aim for an upside break. Bitcoin started a decent upward move above the $100,000 zone. The price is trading below $103,200 and the 100 hourly Simple moving average.
Bitcoin price settled above the $100,500 resistance zone. BTC is consolidating gains and might aim for a fresh increase above the $105,000 zone. Bitcoin started a downside correction from the $106,800 zone.
Bitcoin price started a short-term downside correction from the $106,250 zone. BTC is consolidating above $100,000 and might aim for a fresh increase. Bitcoin started a downside correction from the $106,250 zone.