Another day and Bitcoin reached another high for the Year, on his way back to the top. Analysts are now examining the values of the next resistance – and at least in the short-term bearish Outlook for BTC result.
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Bitcoin on a six-month high
BTC has reached during today’s Asian Trading Session a new 2020-High of just under $ 10,500. Since Bitcoins jump back in the five digit range of crypto-king marches continues to be slowly up and achieved prices, which have not been seen since the beginning of September last year.
Now, BTC seems to be forming a rising wedge on the hourly Chart, which could signal a short term reversal. Longer-term patterns are bullish, because of the increasingly upward trend.
So far, Bitcoin has made this year an impressive 45% – enough to attract the attention of CNBC experts of the “Fast Money”.
Analysts now keep Bitcoins next resistance level in the eye. Josh Rager, for example, has found on the month-to-month Chart to a level of about 10.750 dollars.
“And BTC could rise to 11,400 to 11,550 net dollars before he reached the peak of IMO.”
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Rager adds that on the daily Chart horizontal Cluster more clearly, the resistance on a similar level. $12k is also a goal, if BTC can first, the initial resistance values to break through. From there, Bitcoin can prevent only very little of it, to last year’s High of $13.800 return.
Other analysts advise caution, since the number of higher candle reached in the daily time frame of the critical values.
“In view of the previous rise, and the lack of decent corrections is it advisable to be with Long positions carefully, IMO.”
It is far from this daily candle close, but if it remains green, it would be a TD Sequential “9” – a rare thing on a daily time frame.
Considering the preceded rise and the absence of decent corrections, it is wise to be cautious with long positions, IMO.
?$BTC $BTCUSD #bitcoin pic.twitter.com/eVPoQeP2xJ— crypto hamster (@CryptoHamsterIO) February 13, 2020
Elsewhere on the crypto markets
Bitcoin makes slow and steady progress. The total market capitalization has exceeded the 300-billion-Dollar-limit, and in the last 24 hours, an additional 8 billion dollars have been added.
Ethereum is burning – with a massive increase of 12% to a resistance of 270 $, while Ripples XRP-Token experienced an increase of 16% to a peak of 0.33 $, its best run since may of last year.
Litecoin has increased by about 5%, and almost 85 dollars exceeded, while Cardano is increased by 10% and with ADA pushes back in the Top Ten Position. Stellar has a similar course, Tron has risen 7% in the course. HBAR is the Top Performer of the day with a huge price increase of 50%.
The resurgence of the Altcoins has led to bitcoin’s dominance has fallen to the lowest level since the beginning of July last year. According to Tradingview.com she is currently a little more than 63% – and the bulk of it was consumed by Ethereum.