Bitcoin has been flashing some intense signs of strength throughout the past several hours, with its prolonged consolidation bout finally drawing to a close. This momentum has yet to push the crypto above $12,000 however, and it remains in a somewhat precarious situation until this level is broken above and flipped to support. One analyst is now pointing to a few factors that all suggest upside is imminent, including its ability to consolidate above $11,600 and the strength seen by Ethereum today. These factors also come as Bitcoin breaks above the upper boundary of a descending triangle that analysts were watching. The break above this level may allow it to surge significantly in the near-term. Bitcoin Breaks Out of Key Technical Formation as Analysts Target $15,000At the time of writing, Bitcoin is trading up just over 2% at its current price of $11,900. This is around the price at which it has been trading throughout the past few hours. It is important to note that today’s push towards $12,000 came about shortly after the cryptocurrency broke out of a bullish descending triangle pattern. This has led one analyst to target $15,000.
Image Courtesy of Kaleo. Chart via TradingView. BTC’s Technical Strength Bolstered by Latest Push Higher: AnalystAnother analyst also noted that this latest surge has bolstered Bitcoin’s technical outlook. He believes that continued consolidation above $11,600 will help guide BTC significantly higher.
Image Courtesy of Crypto Michael. Chart via TradingView. How the market trends next will likely depend solely on how strong the resistance at $12,000 currently is. Featured image from Unsplash. Charts from TradingView. Originally from Bitcoinist.com https://ift.tt/2QKvpay |
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