Bitcoin price will move towards $11,200 to $11,500 soon cause BTC formed an bullish pattern ascending triangle
Bitcoin price has risen higher after consolidating between $ 10,000 and $ 10,500 for five days. Currently, BTC is trading for $ 10,547, up almost 2% over the past 24 hours. However, the trend of Bitcoin is still not too clear because this is also the time of the weekend. However, analysts still believe that Bitcoin will head towards $ 11,000 and beyond in the near future.
Bitcoin price could approach $ 11,500 soon
Bitcoin is moving higher after consolidating in the $ 500 price range for almost a week. Just a few hours ago, BTC broke through a key resistance of $ 10,500, liquidating millions in the process.
Analysts say Bitcoin is likely to go higher even though the move is too nascent. On the ongoing gains higher, trader SmartContracter said:
“looks to me like a lower timeframe ascending triangle breakout on $btc. technically I feel we have to be bullish again here macro picture I’m unsure of now, just trading what I’m dealt.”
looks to me like a lower timeframe ascending triangle breakout on $btc.
technically i feel we have to be bullish again here.
macro picture i’m unsure of now, just trading what im dealt. pic.twitter.com/4QJPCg8aGN
— 👨🌾Farmer Bluntz👨🌾 (@SmartContracter) September 13, 2020
The chart that the analyst shared indicates that Bitcoin will head towards $ 11,200 to $ 11,500 in the near future. This is because the cryptocurrency has formed an ascending triangle, which is a bullish pattern in textbooks.
The analyst made this call just as much as in mid-2018 predicted that Bitcoin would bottom out at $ 3,200. Six months, he proved to be right as the cryptocurrency rallied at $ 3,150, then by more than 300% in the months that followed.
The trader’s assertion that Bitcoin moves towards $ 11,000 is consistent with the views of several other crypto analysts.
Refer to the chart below, trader Inmortal Technique notes that Bitcoin could approach $ 11,200 if it closes above $ 10,450:
“No candle has closed below 10.100 in 7 days, good work of the Spartans. Now bulls need to close above to $ 10.450 to “confirm” an up move to $ 11.200.”
It’s important to note that weakening on Sunday night legacy markets could harm Bitcoin. However, whether or not that has happened remains to be considered at this point.
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