Market Watch: Bitcoin could soon print a $1,000 candle if it breaks this one key level
Bitcoin has struggled to garner much momentum in recent times, with its price action being largely suppressed by the immense selling pressure found within the lower-$10,000 region.
The five-figure price region has been a resistance level for the cryptocurrency ever since its decline from 2017 highs of nearly $20,000.
Each visit to this region has been short-lived, and is typically followed by capitulatory declines.
Analysts are now noting that Bitcoin’s consolidation may not last long, as it could be on the cusp of printing a $1,000 candle as it nears the apex of a large technical formation.
Bitcoin could soon pump
Another trader mused this possibility in a tweet, explaining that the key resistance he is currently watching sits at roughly $9,850.
He notes that a decisive break and hold above this level could lead it to see some massive near-term upside.
“Green is all that’s holding us from printing a $1000 green candle imo,” he explained while referencing the chart seen below.
How it responds to the triangle pattern it is caught within could be the sole factor that determines whether it is able to post a massive continuance of its mid-term uptrend.
BTC Dominance Could Reach 78% According to Elliott Wave Theory
Impulse waves can be up or down, and typically consist of five full waves, with waves one, three, and five being in the primary trend direction. Waves two and four are in the opposite direction of the trend and often consist of smaller, sub-waves.
These smaller sub-waves can also be impulsive or corrective. Corrective moves in Elliott Wave Theory can also have five waves but are more commonly three-wave ABC corrections. These corrective waves can run concurrently as part of larger waves taking place across larger timeframes.
Elliott Wave Theory is complex, but has been shown to be reliable for many types of markets, crypto included.
When it’s all said and done, however, those who buy the blood will also be buying the bottom, according to the analyst’s take on Elliott Wave Theory.
Bitcoin Declines Slightly as a 2009 Wallet Moves 50 BTC
The reason why this is concerning to some investors is because it is unclear as to why an original Bitcoin wallet address would be moving BTC now after 10 years of inactivity.
Joseph Young, a popular cryptocurrency analyst and journalist, spoke about the development in a recent tweet, questioning why someone would suddenly be moving this BTC despite there being no notable changes or developments within the market.
50 BTC from Feb 2009 is moving.
That’s just one month after first bitcoin block was mined. There is not a lot of people who can do this, perhaps close associates of Satoshi.
My question is why, not who, is sending 50 BTC for the first time in more than 10 years.
— Joseph Young (@iamjosephyoung) May 20, 2020
Young further went on to add that there may have been a few Bitcoin miners existing in 2009, with this wallet potentially belonging to one of them.