Bitcoin Is Primed to Move Even Higher Than It Has
Bitcoin is primed to move even higher after breaching the pivotal $12,000 resistance, according to analysts. This is due to how important $12,000 has been to BTC’s price trajectory over recent weeks, acting as a rejection point for three separate rallies.
One trader shared the chart below as BTC began to scale higher on Monday morning. It shows that BTC has confirmed an ascending triangle, a textbook chart pattern often seen by analysts are bullish.
The breakout suggests a move to $12,600, the trader who shared the chart below explained.
Chart of BTC's price action over recent weeks with an ascending triangle analysis by trader 'Nebraskangooner' (@Nebraskangooner on Twitter). Chart from TradingView.com
Others are targeting $13,000.
As reported by Bitcoinist previously, another trader shared the chart below. It shows a different iteration of the ascending triangle, and it predicts that Bitcoin will move towards $13,000 on the breakout.
Chart of BTC's price action over the past few weeks with an analysis by trader Cold Blooded Shiller (@ColdBloodshill on Twitter). Chart fromTradingView.com
Little Resistance Until $13,000
$13,000 seems to be the level that many are targeting as there is little technical resistance until that level.
One historically accurate trader recently commented that $13,000 is in Bitcoin’s scopes. This came after he predicted last week’s retracement would bottom in the $11,100 region:
This was echoed by Eric “Parabolic/King” Thies, a cryptocurrency analyst and indicator creator. He said that there is little macro resistance until $13,300:
How fast BTC gets there, though, is not yet clear. The asset is pushing higher as this article is being written, with money flooding in after Bitcoin reclaimed $12,000.
Featured Image from Shutterstock Price tags: xbtusd, btcusd, btcusdt Charts from TradingView.com Here's Why Bitcoin Is Primed to Move Towards $13,000
Originally from Bitcoinist.com https://ift.tt/3awHZDs
Leading global blockchain news provider. A blockchain, originally block chain, is a growing list of records, called blocks, that are linked using cryptography.