Bitcoin's bulls are currently expressing excessive power as they hold the crypto above the key $ 10,000 level, and now it seems to be preparing for the next big move that BTC can send significantly higher.
It is important to note that this rise caused BTC to be only one hair away from a key resistance level that could soon be broken, and a decisive move above this level opened the doors for some big gains.
Bitcoin Starts Higher Progress After Short Consolidation
The past few days were rocky for Bitcoin, BTC competed for $ 10,200 before diving for $ 9,700 this weekend and once again reached current price levels.
However, the bulls of BTC were able to prevail as the winners of this turbulence, suggesting that crypto could accelerate significantly upward.
At the time of writing, Bitcoin is trading slightly above 5% Current price $ 10,375, from $ 10,000 per day, to $ 10,000 It marks a remarkable climb from the daily low levels set before passing.
BTC has made a consolidation around $ 10,300 since it rose above the key five-digit price zone yesterday, and the current rise indicated that it might be at the peak of another intense rally.
Despite this, a final tweet of Teddy, a leading cryptocurrency analyst on Twitter, while BTC remains technically in a bull market, is still roughly below $ 7,400. It is important to explain that it can see a remarkable correction with a fall. market structure.
“BTC: Breaking a channel in the bull market is still“ bull ”unless new abortions are marked. This is only the correction of a larger trend, it does this by marking a higher low before creating a new channel. People take profit and go down, ”he explained.
Breaking a channel in the bull market is still "rising" unless new abortions are marked.
This is just a correction of a larger trend, it does this by marking a higher low before creating a new channel.
People take profit and go lower 🏁 pic.twitter.com/vhıgx2ree to
– TEDDY (₿) (@TeddyCleps) February 12, 2020
"Open Sky" Up To $ 12,000 If BTC Closes Above $ 10,500
Another major crypto analyst, TraderXO, announced in a recent tweet that Bitcoin is at the peak of passing through a key resistance level that could open the doors for a sharp move to $ 12,000.
“BTC – HTF S / R Levels. Key resistance atm – I want to see swing high out. Some of my dot holding is looking for TP and enter lower – this was quite the trend. It closes above the 10.5s daily – the probes see another leg for the highest range. ”
$ BTC – HTF S / R Levels
Key resistance atm – I want to see swing high out.
Some of my dot holding is looking for TP and enter lower – this was quite the trend.
Closes above 10.5s daily – probes see another leg in the highest range pic.twitter.com/amivbzdmq7
– TraderXO (@ TraderX0X0) February 12, 2020
As the bulls are not showing any underlying signs of weakness at the moment, it seems likely that further increases will be seen before a significant correction in the markets.
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