Cryptomustar
Monday, May 23, 2022
  • Home
  • Altcoin
  • Bitcoin
  • Ethereum
  • Litecoin
  • Cryptocurrency
  • Blockchain
  • Regulation
  • Market
  • Prices
  • ICO
No Result
View All Result
  • Home
  • Altcoin
  • Bitcoin
  • Ethereum
  • Litecoin
  • Cryptocurrency
  • Blockchain
  • Regulation
  • Market
  • Prices
  • ICO
No Result
View All Result
Cryptomustar
No Result
View All Result
Home Bitcoin

Bitcoin Just Broke a Multi-Week Descending Triangle; Analysts Target $15k

by admin
September 1, 2020
in Bitcoin
0
Bitcoin Has Reached a “Critical Juncture” as Analysts Set Sights on $11,800
0
SHARES
12
VIEWS
Share on FacebookShare on Twitter



  • Bitcoin is beginning to show some intense signs of strength after a prolonged period of consolidation within the mid-to-upper $11,000 region
  • This latest push higher has not done a ton to invalidate the weakness that the cryptocurrency was previously experiencing, as it has yet to push BTC past its key $12,000 resistance level
  • Analysts are noting that where it trends next may depend largely on whether or not buyers can shatter the selling pressure that sits at this level
  • This move was able to push BTC beyond the upper boundary of an ascending triangle, which could ultimately provide it with some serious near-term momentum

Bitcoin has been flashing some intense signs of strength throughout the past several hours, with its prolonged consolidation bout finally drawing to a close.

This momentum has yet to push the crypto above $12,000 however, and it remains in a somewhat precarious situation until this level is broken above and flipped to support.

One analyst is now pointing to a few factors that all suggest upside is imminent, including its ability to consolidate above $11,600 and the strength seen by Ethereum today.

These factors also come as Bitcoin breaks above the upper boundary of a descending triangle that analysts were watching. The break above this level may allow it to surge significantly in the near-term.

Bitcoin Breaks Out of Key Technical Formation as Analysts Target $15,000

At the time of writing, Bitcoin is trading up just over 2% at its current price of $11,900. This is around the price at which it has been trading throughout the past few hours.

It is important to note that today’s push towards $12,000 came about shortly after the cryptocurrency broke out of a bullish descending triangle pattern.

This has led one analyst to target $15,000.

“Break out of wedge confirmed. Send it straight to 15K,” he said while referencing a potential path forward that he outlined several days ago.

Image Courtesy of Kaleo. Chart via TradingView.

BTC’s Technical Strength Bolstered by Latest Push Higher: Analyst 

Another analyst also noted that this latest surge has bolstered Bitcoin’s technical outlook.

He believes that continued consolidation above $11,600 will help guide BTC significantly higher.

“Reached the $12,000 area that I’ve pointed since the low. Would like to see consolidation above $11,600 here. If that happens, we’ll most likely see a rally towards $12,400 and new highs. ETH already painting the way.”

Image Courtesy of Crypto Michael. Chart via TradingView.

How the market trends next will likely depend solely on how strong the resistance at $12,000 currently is.

Featured image from Unsplash.
Charts from TradingView.





Source link

RELATED POSTS

Bitcoin And Retirement: U.S. House Bill To Include Crypto On 401(K) Plans

Cryptocurrency Is ‘Worthless,’ European Central Bank President Says

Tags: 15kAnalystsBitcoinBrokeDescendingmultiweekTargetTriangle
ShareTweetShare

Related Posts

Bitcoin And Retirement: U.S. House Bill To Include Crypto On 401(K) Plans

Bitcoin And Retirement: U.S. House Bill To Include Crypto On 401(K) Plans

by admin
May 22, 2022
0

United States Rep. Byron Donalds has initiated a bill to the U.S. House of Representatives seeking to incorporate Bitcoin...

Cryptocurrency Is ‘Worthless,’ European Central Bank President Says

Cryptocurrency Is ‘Worthless,’ European Central Bank President Says

by admin
May 22, 2022
0

Christine Lagarde, president of the European Central Bank, has warned that cryptocurrencies are worthless and should be regulated. The...

PizzaDAO to host world’s biggest pizza party on May 22 to commemorate first BTC purchase

PizzaDAO to host world’s biggest pizza party on May 22 to commemorate first BTC purchase

by admin
May 22, 2022
0

PizzaDAO is sponsoring more than 100 local pizzerias from 75 countries to give away free pizza to celebrate Bitcoin...

Bitcoin Pizza Day: Celebrating The $300-Million Pizza Order – And Other Fun Facts

Bitcoin Pizza Day: Celebrating The $300-Million Pizza Order – And Other Fun Facts

by admin
May 21, 2022
0

What a peculiar combination: bitcoin and pizza. Nonetheless, an entire day has been designated for each of these occasions....

Cyprus Drafts Regulatory Framework For Cryptocurrencies

Cyprus Drafts Regulatory Framework For Cryptocurrencies

by admin
May 21, 2022
0

A government official stated that Cyprus has drafted its own legislation to handle crypto assets and is likely to...

POPULAR NEWS

4 Cryptocurrency that Blow Bitcoin Out of the Water

4 Cryptocurrency that Blow Bitcoin Out of the Water

September 25, 2020
Memoriae – Next Generation of Decentralized Cloud Storage Based on Blockchain

Memoriae – Next Generation of Decentralized Cloud Storage Based on Blockchain

July 1, 2021
Apollo CBDC: The CBDC Platform that can Power Economies

Apollo CBDC: The CBDC Platform that can Power Economies

October 6, 2020
Stratus: The Most Feature Rich Social Media Network

Stratus: The Most Feature Rich Social Media Network

September 9, 2020
Binance Coin (BNB) erupts above $270 as the whole Smart Chain ecosystem soars

Binance Coin (BNB) erupts above $270 as the whole Smart Chain ecosystem soars

February 19, 2021

EDITOR'S PICK

Bitcoin on Way for Weekly Loss on Fading Stimulus Hopes

Bitcoin on Way for Weekly Loss on Fading Stimulus Hopes

October 16, 2020
StreamCoin Launched GaStream (GSTRM), a New Utility Token to Power Its Ecosystem and Reward Users

StreamCoin Launched GaStream (GSTRM), a New Utility Token to Power Its Ecosystem and Reward Users

March 23, 2022
Launch of Bitcoin ETFs in the U.S. could see further delays, here’s why

Launch of Bitcoin ETFs in the U.S. could see further delays, here’s why

May 12, 2021
First Mover Americas: Bitcoin Struggles as Dollar Breaks Multi-Year Bearish Trend Line

First Mover Americas: Bitcoin Struggles as Dollar Breaks Multi-Year Bearish Trend Line

April 20, 2022

About

We publish a comprehensive news feed covering all news relevant to the crypto user, covering main industry news, politics and regulation as well as consumer-level “news you can use” (practical stuff), including handy DIY tips, links to useful tools, unbiased reviews and opinions revolving around cryptocurrency. Simple logic and real-world examples are preferred before technical jargon and personal rants.

Follow us

Categories

  • Altcoin
  • Bitcoin
  • Blockchain
  • Cryptocurrency
  • Ethereum
  • Litecoin
  • Market
  • Press Release
  • Regulation
  • Uncategorized

Recent Posts

  • Fantom Maker Announces the Closing of Its $1.8m Private Rounds Led by Dao Maker and Halvings Capital
  • Cardano IDO LaunchPad “Coollaunch” Records a buzzing progress as it Sells Out 0ver 11% Of $COOL Tokens Within Days
  • BabyMusk Coin Launches, As It Aims To Be The Next Big MEME Coin
  • Coinrealcap Announces Its Pinksale, Aims To Bring Advanced Crypto Tracking Features
  • About Us
  • Privacy Policy
  • Contact Us

© 2020 cryptomustar.com

No Result
View All Result
  • Home
  • Altcoin
  • Bitcoin
  • Ethereum
  • Litecoin
  • Cryptocurrency
  • Blockchain
  • Regulation
  • Market
  • Prices
  • ICO

© 2020 cryptomustar.com

  • YAM v2YAM v2(YAMV2)$4.70-1.41%
  • yfBetayfBeta(YFBETA)$4.27-0.10%
  • IDLEIDLE(IDLE)$1.44-12.39%
  • WPP TokenWPP Token(WPP)$0.006826-3.49%
  • DSLA ProtocolDSLA Protocol(DSLA)$0.003681-6.85%
  • lympoLympo(LYM)$0.004392-4.43%
  • Werewolf CoinWerewolf Coin(WWC)$0.098082-2.58%
  • PolkaBridgePolkaBridge(PBR)$0.439784-6.92%
  • Dev ProtocolDev Protocol(DEV)$1.76-16.14%
  • EvidenZEvidenZ(BCDT)$0.122949-3.85%