Bitcoin and the aggregated cryptocurrency market have witnessed some intense turbulence in recent times. BTC spent two weeks hovering around $10,000 as its buyers attempted to stop a break below this key support level.
This created some instability within the altcoin market, which has never fully recovered the momentum it established throughout the past couple of months.
While speaking about BTC’s technical outlook, one analyst explained that there are a few crucial levels that the cryptocurrency must claim in the near-term, which could all provide its technical outlook with a serious boost.
He notes that a break above the lower-$11,000 region could provide an ideal long setup.
Bitcoin Shows Signs of Strength Despite Altcoin Turbulence
At the time of writing, Bitcoin is trading up just over 1% at its current price of $10,950. This is around the price at which it has been trading throughout the morning, and it does appear to be facing some resistance at $11,000.
That being said, the strength it has seen throughout the past few days is promising and does seem to indicate that further upside is imminent.
Continued turbulence in the altcoin market may help propel Bitcoin even higher, as traders may convert their tokens into BTC to preserve their capital.
Analyst: BTC Flashes Promising Signs as It Approaches Key Levels
Bitcoin is now approaching a few key levels that should be closely observed. One analyst pointed to these levels in a recent tweet, including its diagonal resistance, its range EQ, as well as its low-time-frame support/resistance.
Image Courtesy of UB. Chart via TradingView.
These levels mainly sit between $11,000 and $11,200, making a firm break above this region vital for Bitcoin to see significantly further upside.
Featured image from Unsplash. Charts from TradingView.
Originally from Bitcoinist.com https://ift.tt/2FH9S08
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