Bitcoin Confirming This Level As Support at the Close is “Key”
Last week, Bitcoin did what many thought would be extremely difficult: BTC closed its weekly candle above $11,500. $11,500 has been a pivotal level for the asset for the past two years; Bitcoin failed to surmount that level on a weekly basis in early 2018 and at the 2019 highs.
Despite the move above $11,500, trader Josh Rager thinks that Bitcoin is facing down another important level.
Referencing the chart below, Rager wrote on August 16th:
Chart of BTC's price action over the past few weeks with an analysis by trader and Blockroots founder Josh Rager (@Josh_Rager on Twitter). Chart from TradingView.com
Rager isn’t the only analyst eyeing the $11,685 region as a level for Bitcoin to close above to confirm their bullish bias. One pseudonymous analyst wrote that $11,760 is also key:
Where’s BTC’s Next Stop? Analysts Weigh In
If Bitcoin closes above the levels the analysts aforementioned identified, where can we expect BTC to move towards?
According to commentators, a move towards $13,000 is entirely on the table.
One trader explained, as reported by Bitcoinist previously, that $13,000 is entirely possible due to that level being a “yearly pivot”:
Image Courtesy of SalsaTekila. Chart via TradingView.
Others agreed with this, noting that the next level of macro importance after $11,500 is $13,000.
Featured Image from Shutterstock Price tags: xbtusd, btcusd, btcusdt Charts from TradingView.com Here's the Level Bitcoin Traders Should Be Watching for the Weekly Close
Originally from Bitcoinist.com https://ift.tt/312Xv6E
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