Connect with us

Hi, what are you looking for?

ELEVENEWS

Bitcoin

Analysts Expect Bitcoin to Continue Rally After Recovering to $18k

Bitcoin faced a strong drop two evenings ago when it fell from $18,500 to $17,500 in the span of minutes. But true to the volatility of the market, the cryptocurrency has quickly bounced back. As of this article’s writing, the price of BTC sits slightly above the key $18,000 resistance, though was as high as $18,200 just hours ago.

Analysts think that Bitcoin will continue its ascent as it manages to hold the low-$17,000s as support. The low-$17,000s are of importance on a technical level to Bitcoin because these levels acted as support and resistance during the 2017 and 2018 peak.

Bitcoin Set to Move Even Higher, Analysts Say

Analysts think that Bitcoin moves higher from here as it manages to hold the low-$17,000s as support. A cryptocurrency analyst, referencing the chart seen below recently said:

“sigh this is so retarded bullish strong daily close here and we’re prob taking ATH today or tomorrow on btc same pattern as 16k, first long ass bottom wick from initial profit-takers second long ass bottom wick from subsequent profit takers on the bounce next time it runs imo.”

Chart of BTC’s price action over the past few days with analysis by CryptoGainz
Source: BTCUSD from TradingView.com

As he explains, he thinks that the fact the cryptocurrency has managed to hold the low-$17,000s is a sign that it will soon move to $20,000. The two wicks seen in the chart above shows strength in Bitcoin price as it suggests there is a group of traders looking to buy the dip at that level.

Not the Only One That Thinks So

There are other traders predicting a Bitcoin rally from here.

Another trader shared the chart seen below, which shows that Bitcoin’s recent price action is bullish as it is managing to flip the low-$18,000s into support. This should trigger a move higher as this region has acted as resistance on multiple occasions over the past few days.

Bitcoin is also set to push higher on fundamental trends, such as the increase in money printing and further institutional and retail interest in this space.

Image

Chart of BTC’s price action over the past few days with analysis by HornHairs
Source: BTCUSD from TradingView.com


News Source

Advertisement

Trending Post

Chainlink

ChainLink is basically very exciting.  Users have to state that it stirs the imagination and passions of the community in ways that other projects...

IOTA

Senseering offers an IOTA-based solution to create a marketplace for data that can be shared among partners. Senseering’s solution will be used in collaboration...

Ripple

Cryptocurrency investment is becoming a common trend. In the fourth quarter of the year, when investments are said to start doing well, how are...

VeChain

VeChain (VET), BTCMVMNT, and Team Zuby have joined forces to create a limited-edition merchandise collection dubbed “Take the Power Back.” The team says the...

Copyright © ELEVENEWS