Bitcoin blasted through the $11,000 price range after the strong triangle breakout and now the bulls are trying to flip the key level as resistance turned support so let’s read more in our latest Bitcoin news.
The move came after bitcoin blasted out of the triangle pattern and there was a sudden reappearance of weakness in the dollar’s now short-lived recovery but how far will it go? The number one cryptocurrency by market cap spent three days in the green now and yesterday Bitcoin broke upwards from the triangle pattern on the daily timeframes. The triangle was believed to be a bearish formation after the head and shoulders reversal pattern. After the $10,000 got defended by the bulls for seven consecutive days, it could be the last time Bitcoin traded below five digits.
Utilizing the measure rule, the target of the triangle is closer to $12,000 than to $11,000 so bitcoin still has a lot more to go. About 10% move could be expected considering the pattern’s height taking the first crypto to around $11,850 before it challenges the next highest resistance level. pushing beyond the local 2020 highs of $12,000 could result in a retest of the $13,800 level where 2019’s top was set. Beyond this level, there could be a retest of $20,000 which is what everyone is waiting for.
As history suggests, Bitcoin usually sees massive breakouts by the end of each year so we can expect a new one by the end of 2020. The strength tampers while bulls remain in a precarious position as they are having a hard time to catalyze sustainable uptrends. The market was quite over the past few days as many altcoins drifted lower while BTC was showing signs of weakness. One analyst even noted that history suggests that Bitcoin usually breaks out at the end of the year as that right now, it is still far from posting a massive breakout. He believes BTC is in the accumulation phase and will start rallying later this year. Bitcoin and most of the market were caught in a bout of sideways trading as both bulls and bears were not able to gain clear control over the market. This issue created more fear for investors and traders, as we reported previously in the BTC news.
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