- Bitcoin price prediction experiencing a temporary dip.
- Bitcoin price hits the $15,438 level.
- BTC holding likely to hit $20,000 by year-end
Bitcoin price went up as high as $15,679 before witnessing a drop to $15,438. The king of cryptocurrency is likely to experience a strong bullish movement expected to cause market eruptions and bullish effects on alternate coins. Biden’s presidency effects are yet to be unveiled as well.
At the time of writing, the cryptocurrency king is trading hands at the $15,448.95 mark. While on the other hand, trading view technical signals consistently show weak buying momentum (18) and an even weaker selling momentum (3), while 7 remain neutral.
The moving averages signal a strong buying impetus, with the Exponential moving average valued at $ 15,195.28 inclined towards buying. The oscillators depict a weak buying approach with a relative strength index of 73.54, inclined towards neutral action.
Wyckoffmode, top analyst of trading view discusses the present-day timeframes to those in the past in the below chart.
He believes opening for shorter positions yielding safe returns is not a good idea due to the stark building upward thrust on the weekly timeframe. Potential traders need to look into the analyst’s evaluated price action, which confirms it was going laterally for a few days with support from the $14390 to $14611 ranges ( PRIMARY 1.0 FIB Level). The analysts’ opinion is that BTC charting is at a composite groups stage, cajoling margin shorts for a brief moment before rising again.
FOMO tendency is expected at the $ 16000 to $16800 mark and moving to the moon emotions maybe high as the upward pressure begins to build with a rapid motion.
The analyst concludes that to liquidate long margins, BTC may rise to $17,000 before pulling down to $15,850 and then experience a last hike followed by a massive downward trend.
Pricing expert Alanmasters discussed the trading volumes on the weekly timeframes of the cryptocurrency king. Volume study always provides verified signals on any developing bull or bear modes.
Despite Bitcoin (BTC) experiencing low volumes, the king’s trends have not been decoded for a bearish potential. Low volume with a sturdy bullish monotony indicates a desirable trend ahead. Trading volume is gradually increasing with a multitude of bullish signals portrayed on the chart. With 5 successive green weeks, consistently maintaining above EMA10 position and powerful Relative Strength Index (RSI), the analyst believes the cryptocurrency market is about to witness some never before seen trends.
Predicting potential growth marks to be $ 17,250 , $ 20,258 and $31,285 ; exponential growth of Bitcoin with amplified market strength is a high possibility.
Price analyst Atlas Trades believes the next trading resistance support is $16400 due to the pullback at the $14,800 mark. She concludes by recommending a wait time to potential traders before opening a long position until a decent uptrend is achieved.
