BTC Must Move Above $11,200 to Confirm More Upside
While many analysts have embraced Bitcoin’s rally from $9,800 to $11,000, the cryptocurrency is not yet in a bullish state.
One trader says that for BTC to truly convince market participants that it is in a bullish state, it will need to flip $11,200 into support on a weekly time frame. It attempted to do so in August but failed when the coin slipped in early September.
Chart of BTC's price action over the past two years with analysis by crypto trader Cactus (@TheCryptoCactus on Twitter). Chart from TradingView.com
Bitcoin will have trouble breaking past $11,200, though.
One cryptocurrency trader recently noted that there is a clear confluence of reasons why Bitcoin’s ongoing rally above $11,000 will soon reverse. A few of these reasons are as follows:
Bitcoin Remains Long-Term Bullish
Analysts remain convinced that Bitcoin’s long-term trend remains bullish despite any mishaps that may transpire in the near term.
Dan Tapiero, the co-founder of DTAP Capital along with a number of other firms, recently commented that Bitcoin is likely to undergo exponential growth this cycle:
Chart of BTC's macro price action (Logarithimic chart) by Bitcoin bull and gold investor Dan Tapiero. Chart from Bloomberg
Corroborating this sentiment, long-term on-chain signals indicate that Bitcoin is currently unvervalued, making current prices a buying opportunity.
Featured Image from Shutterstock Price tags: xbtusd, btcusd, btcusdt Charts from TradingView.com This Level Holds the Key to Bitcoin Moving Higher in the Near Term
Originally from Bitcoinist.com https://ift.tt/3hQCHVg
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