ICOCalendar.Today

  • ICO Directory ๐Ÿ“–
  • ICT Token ๐Ÿ”ฅ
  • Blockchain News ๐Ÿ—ž
    • Ethereum
    • Binance
    • Cryptocurrency
    • Litecoin
    • Monero
    • Ethereum Classic
    • Bitcoin
    • Tezos
    • Tron
    • Cardano
    • EOS
    • Algorand
    • ZCash
    • Dash
    • Chainlink
    • NEO
    • Maker
    • DeFi
  • List a project ๐Ÿ’ฃ
  • Submit Press Release ๐Ÿ‘
  • ICO Directory ๐Ÿ“–
  • ICT Token ๐Ÿ”ฅ
  • Blockchain News ๐Ÿ—ž
    • Ethereum
    • Binance
    • Cryptocurrency
    • Litecoin
    • Monero
    • Ethereum Classic
    • Bitcoin
    • Tezos
    • Tron
    • Cardano
    • EOS
    • Algorand
    • ZCash
    • Dash
    • Chainlink
    • NEO
    • Maker
    • DeFi
  • List a project ๐Ÿ’ฃ
  • Submit Press Release ๐Ÿ‘

Bitcoins Latest Leg Higher Brings It Above a Crucial Macro Level

10/21/2020

Comments

 
  • After bottoming at $10,200 earlier this month, the cryptocurrency has ripped higher.
  • Bitcoin now trades just shy of $12,000.
  • Bitcoin will need to close above $11,828 on a weekly time frame if it is to confirm its macro bullish trend

Bitcoin Crosses Pivotal Macro Level

Bitcoin has pushed strongly higher over the past two weeks. After bottoming at $10,200 earlier this month, the cryptocurrency has ripped higher, as it now trades just shy of $12,000. Earlier this hour, the cryptocurrency passed that pivotal resistance level as buyers stepped in.

While BTC still sits below $12,000, analysts remain bullish as Bitcoin holds above another crucial level.

That level in question is $11,828.

One crypto trader and chartist shared this chart amid the rally higher. It shows that since early 2018, that level has been of absolute importance to Bitcoin bulls, marking the highs multiple times in 2018, in 2019, and even earlier this year during the summer breakout.

Bitcoin will need to close above $11,828 on a weekly time frame if it is to confirm its macro bullish trend. That will be decided on Sunday evening, when the close comes in.

Image

Chart of BTC's price action over the past three years with analysis by crypto trader "Nunya Bizniz" (@pladizow on Twitter).
Source: BTCUSD from TradingView.com

Expect a Bullish Followthrough

Analysts think that this is the start of a greater move higher.

Crypto-asset trader Josh Olszewicz recently shared the chart below. It shows that Bitcoinโ€™s Ichimoku Cloud indicator recently formed a pivotal buying signal. This signal was last seen during the late-July rally that took Bitcoin from the $9,000s to $11,000 and beyond.

His analysis of the indicator shows that since 2013, it has had an 80% hit rate in calling Bitcoin bull trends. For one, it managed to mark the start of the rally to $20,000 after the China FUD in late 2018, which sent the asset lower by 30-40% in just a weekโ€™s time.

Image

Chart of BTC's price action over the past few months with analysis by crypto trader Josh Olszewicz.
Source: BTCUSD from TradingView.com

On-chain trends also favor Bitcoin bulls. Citing data from blockchain analytics firm CryptoQuant, a crypto-asset analyst recently shared some of these on-chain trends, which are as follows:

  • The โ€œexchange whale ratio,โ€ which tracks how much Bitcoin large holders have deposited on exchanges, is currently at notable lows.
  • Miners are not sending coins to exchanges en-masse, meaning they likely arenโ€™t selling the coins directly or are selling their positions through OTC.
  • The market capitalization of stablecoins has exploded higher over recent months.
Featured Image from Shutterstock
Price tags: xbtusd, btcusd, btcusdt
Charts from TradingView.com
Bitcoin's Latest Leg Higher Brings It Above a Crucial Macro Level


Originally from Bitcoinist.com https://ift.tt/35pXpHA
Comments

    Blockchain News

    Leading global blockchain news provider. A blockchain, originally block chain, is a growing list of records, called blocks, that are linked using cryptography.
    BLOCKCHAIN NEWS

    Archives

    November 2020
    October 2020
    September 2020
    August 2020
    July 2020
    June 2020
    May 2020
    April 2020
    March 2020
    February 2020
    January 2020
    December 2019
    November 2019
    October 2019
    September 2019
    August 2019
    July 2019
    June 2019
    May 2019
    April 2019
    March 2019
    February 2019
    January 2019
    November 2018
    September 2018
    August 2018
    July 2018
    June 2018
    May 2018
    April 2018
    March 2018
    February 2018
    January 2018
    December 2017
    November 2017
    October 2017
    September 2017
    August 2017
    July 2017

    RSS Feed

​About

  • About us​
  • ICT Token
  • News​​
  • Testimonies
  • Terms of Service​​
  • ​​We on Google News​ 🤑
  • ​We in the media
  • ​Partners

Let's connect!

News Feeds

  • Blockchain News
  • Jobs Board 👨‍🎓
  • Bitcoin News
  • Ethereum News
  • Binance News
  • ​Tron News
  • Cardano News
  • EOS News
  • Tezos News
  • Stock Markets
  • COVID-19 News
  • Crypto News
  • Chainlink News
  • Litecoin News
  • Dash News
  • Monero News
  • ETC News
  • NEO News
  • Maker News
  • DeFi News
  • ZCash News
  • Algorand News
© 2017-2020 ICOCalendar.Today. All Rights Reserved.