- Bitcoin price prediction expects a new YTD rally
- Bitcoin price hits the $16246 level
- Next target predicted as $17000
Bitcoin price dipped to $16246.59 before witnessing a consistent upward pressure and landing at $16,490 in the last 24 hours. The king of cryptocurrency is experiencing consistent fluctuations between the $16180 and $16500 range; a high possibility of continual bullish trends is rising as the king moves towards higher levels.
At the time of writing, the cryptocurrency king is trading hands at the $16,180.68 mark. While on the other hand, trading view technical signals consistently show weak buying momentum (18) and a weak selling momentum (3), while 7 remain neutral.
The moving averages signal a strong buying impetus, with the Exponential moving average valued at $ 16006.17 inclined towards buying. The oscillators depict a weak buying approach with a relative strength index of 74.99, inclined towards neutral action.
VincePrince, a top TradingView analyst, detects new formations in the cryptocurrency king’s structure owing to the breakout and rising above the ascending channel formation, maintaining the $16,000 mark. The analyst highlights the bull flag on the 1 hour time frame and indicates all plausible outcomes and consequences in the chart below.
Navigating above the central channel line and maintaining the position, BTC is going through some critical developments. Bitcoin is seen creating a rising wedge-like formation in the structure around the waves A-C, blending with the formation’s limits. With Bitcoin testing the middle ground within the structure and simultaneously the lower end of the wedge formation, chances of the king moving into the strong resistance clump followed by a pullback are quite high. The phenomena will reach closure once the king crosses the lower zone and navigates with a bearish price action that will open up lower target marks – until support is found around 30-EMA and 60-EMA.
The analyst recommends watching out for bearish possibilities owing to the strong resistance layers wrapped around the promising price actions Bitcoin has been displaying in recent times. The possibility of directional change is quite high, and with the market being overbought, it is vital to take precautionary measures. The analyst concludes by predicting bullish potential in the long run once the king completes the bearish resistance formations.
Pricing analyst, Marginbuu indicates another blunt top by Bitcoin in the $16500 zone, with no quick rejection in sight, the price point Is most likely lower than expected. The analyst predicts more upside to be seen trending on the charts soon. Expectations around testing the $17000 level are reasonably high, and the analyst predicts a permanent break out through this level once retracing to $16500 is completed.
Another top trading view analyst WyckoffMode believes a lot more upward thrust remains the Weekly, 9-Day, 12-Day, and 2-Week time frames. He predicts at least 2 more 2-week candles on the charts before a major 30-40 percent dump.Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.