Cryptocurrency

Bitcoin is poised to break on a $14,000 – price is consolidating at a critical level – Coin Update

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For the third Time within a year of the Bitcoin on 2 has. June $ 10,500 in a strong rejection of experienced.

As reported earlier, broke the leading crypto-currency on BitMEX within three minutes of 1.500$. The reversal brought Bitcoin from the highs at 10.450 to $ 8.600 $ – what led to that alone on BitMEX long positions in excess of $ 100 million were reversed.

Many appreciated this step as a harrowing sign for the crypto-currency market: $ 10,500 in marked the highs of the rally in October and ended in February. Every Time BTC failed, and then crashes followed.

But even in the face of rejection, analysts are still optimistic about bitcoin’s further development.

Bitcoin is ready to have a rest in the direction of a $14,000

Since the case has a 2,000-Dollar, Bitcoin has risen to $ 1,200 higher. The Asset is now being traded at 9.800 $ and consolidated in only a few days after the crash to over $ 9,000.

A Trader has to the 5. June, the below image is divided, and writes that the Asset was ready “to see further price declines”.

What is shown here, is Bitcoins Macro price action – but in inverse. Inversion is a tactic that is used by traders often, in order to eliminate “distortions” out of your analysis.

According to the Trader-analysis of the inverted Charts, Bitcoin is ready to recover in the coming weeks on the 2019-Year highs of 14,000$.

Bitcoin price chart the Traders George (@George1Trader on Twitter).

The same Trader indicates in a further analysis of a bullish mood.

He says: as Long as Bitcoin keeps 9.600 $ (what he considers short-term point of view as a remarkable level), he sees “no reason why 11k is not the next”.

Technical Trends indicate upward trends

There are other Trends that indicate a further upward trend.

As one Analyst notes, for example, that Bitcoins recent price action resembles eerily the middle of the upward trend of 2019. After the mid-year profits was followed by around 80%.

The Analyst on the importance of the graphic below:

“BTC Renko Similarities. Divergence in ~18% correction available. The correction began a renewed onslaught on ~80% of the profits. The current PA sees in their structure the last significant BTC is very similar to“

Bitcoin price Chart with Renko candles, which are shared by the prominent analysts Cold Blooded Shiller (@coldblood hill on Twitter).

Bloomberg-Analyst Mike McGlone expected trends in a similar manner an Upward. In a recent report, he writes: A technical confluence, coupled with the positive fundamental factors, such as the halving and the purchase of Grayscale BTC, show that $ 20,000 this year for the crypto-currency is likely.

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About the author

Eve Manning

Eve Manning

A native Texan, Eve first started out as a Finance Analyst and later realized that her true passion was not in trading but in writing. She leverages her experience in the Finance industry to analyse and write in-depth news articles covering the Cryptocurrencies, Economy & Finance industries.

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