Bitcoin Needs to Close Above This Level to Resume Uptrend
Bitcoin managed to hold the pivotal $10,000 support level into the weekly close as noted by Blockroots co-founder Josh Rager.
The crypto trader and commentator shared the chart below, showing that the coin managed to achieve this technical accomplishment at the weekly close on Sunday evening.
While he noted that this is making him cautiously bullish, he is not yet convinced that Bitcoin remains in a full-blown bull trend.
For him to assert that Bitcoin is truly in a bull trend, the coin needs to reclaim and close above $11,900 on a weekly scale. The cryptocurrency has printed a number of wicks above that level over the past year and has not managed to claim that level since the 2017-2018 bull market top:
Chart of BTC's price action over the past one and a half years ith analysis by crypto trader and Blockroots co-founder Josh Rager (@Josh_Rager on Twitter). Chart from TradingView.com
Will Push Higher Due to Number of Trends
Analysts are optimistic Bitcoin can press higher in the near term due to a number of fundamental and technical trends.
One technical trader who predicted 2018’s bottom recently commented on Bitcoin’s near-term price outlook, referencing the $11,000s as a target for Bitcoin to move towards:
There are also fundamental trends, such as the ongoing monetary stimulus and political uncertainty, primed to drive BTC higher.
Photo by Isaac Garcia on Unsplash Price tags: xbtusd, btcusd, btcusdt Charts from TradingView.com This Weekly Level Will Be Pivotal For Bitcoin Moving Forward
Originally from Bitcoinist.com https://ift.tt/3kcZ88M
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