- According to crypto-graphic analyst Josh Rager, Bitcoin is breaking through $ 12,000.
- Analogy emerges from Ethereum's latest upward movement in a consolidation range.
- Mr. Rager sees that Bitcoin repeats the same bull movement that is traded in a similar lateral pattern.
According to the inter-coin fractal shared by Josh Rager, Bitcoin is at the peak of reaching $ 12,000 in the upcoming sessions.
The market analyst stated that Bitcoin almost reflects the latest price movements of Ethereum, the second largest cryptocurrency with its market value. Earlier yesterday, the ETH / USD exchange rate was out of the consolidation range.
Ethereum breaks upward of its sideways consolidation pattern. Source: TradingView.com
The pair has increased more than 6 percent from the breaking point.
Mr. Rager detected BTCUSD in a similar Triangle-like range. In a tweet he made on Friday, he said that the cryptocurrency could rise above the model and attempt a closing attempt of over $ 12,000, just like Ethereum did.
BTCUSD price in the Ethereum-like consolidation channel. Source: TradingView.com
The reason for Mr. Rager's bullish Bitcoin forecast was similar to the current consolidation pattern. It technically looks like a symmetrical triangle and two convergences are confirmed by trend lines. It is a continuation model that usually sends the price in the direction of its previous deviation.
Currently, BTCUSD was rising before creating the Symmetric Triangle model. As a result, the cryptocurrency should ideally continue to rise after breaking it. By the way, the breakout length should be the maximum height of the Triangle.
BTCUSD symmetrical triangle's upside target is near $12,000. Source: TradingView.com
This is $ 780, which puts Bitcoin's next upper target at or near $ 12,000.
While Mr. Rager and others continue a BTCUSD upwards, special fall setups are waiting to pull the carpets under the bulls.
For starters, the cryptocurrency continues to feel the selling pressure while trading under the long-term declining trend line. As shown in the chart below, BTCUSD's last rally has paused right next to the same price ceiling, which has prevented it from recording a full-fledged breakout since December 2017.
BTCUSD bulls remain capped under the red trendline. Source: TradingView.com
On a macro front, the latest signals show that Bitcoin may continue its upward movement in the upcoming sessions.
The Federal Reserve's decision to keep interest rates close to zero and continue with the bond buying program until December 31 can send investors seeking security in Bitcoin, a perceived anti-inflationary asset.