Bitcoin's price is currently showing a tremendous sign of strength as it is rising towards resistance in the $ 11,000 central zone.
The mild bullish trend that emerged after falling to $ 10,800 today is $ 11,400 of 2020 It allowed it to push against the warmth levels and is expected to be further up.
Although BTC can be positioned to run in a full-fledged bull run in the near term, chained data suggests that this may be consolidated for a short time before starting the next real bull run. year.
Theoretizing this possibility, the analyst notes that this bullish trend will likely grow to 2021 before drowning.
Bitcoin Investors Flashing Power Marks While Targeting $ 12,000
At the time of writing, Bitcoin is trading above 1.5% at its current price of $ 11,270. This is around the price traded throughout the day.
Earlier this week, the cryptocurrency rose to $ 11,400 before the rally began to slow down.
From this point on, he entered a consolidation phase in the low $ 11,000 zone before starting to rise higher today.
This continuing upward trend was revealed when the bullish response to which it was subjected to a fall reached $ 10,800 overnight.
Buyers defended this level against breakage, catalyzing a strong recovery.
Despite encountering a tough resistance of around $ 11,400, a break above this level could be anything needed to trigger a sharp upward move above $ 12,000.
This Chain-on Indicator Suggests the Start of the Bull Run to Begin in the 4th Quarter of 2017
A chain analyst explained A tweet stating that Bitcoin's 365-day RSI shows that cryptocurrency is still in the very early stages of the next bull trend.
Therefore, it may take several months before it starts in the 4th quarter of this year and enters the next strong parabolic bullish trend, which it believes will extend to the first quarter of 2021.
“The 365-day chaining RSI (special chart is not yet public) shows compression approaching completion in the early phase of the bull cycle, I expect RSI expansion, starting in 2020 Q42020, indicating the main bull season run. the main bull phase ”is shown in the graph).
Image Courtesy of Willy Woo.
While the basic and technical strength of Bitcoin continues to increase, the bulls are preparing the ground for the crypto to see a second half of 2020 positively.
Featured image from Unsplash.