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 $15,000
At 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: Analyst
Another 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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