- Bitcoin price prediction expects further rise towards $13000.
- Bitcoin price breaks past the resistance levels at $11700, and $12000
- Bitcoin finds strong support at the $12300 mark.
The king of cryptocurrency Bitcoin BTC finally managed to break past the $11700 resistance and onto the new horizons towards the $13000 mark. In the past 24-hours Bitcoin has broken past two major resistance levels found at the $11700 and then the $12000 mark to find new support levels.
In the past 24-hours the highest price mark was observed at the $12487 mark and the lowest price mark was observed at the $11700 mark. At the time of writing Bitcoin price stands at the $12471 mark.
Bitcoin price prediction: Would BTC hit $14000?
Bitcoin price predictions have been giving mixed signals in the past 12 hours. Cryptocurrency analyst on Trading View Atlas Trader believed that the king of cryptocurrency has found strong support at the $11700 mark and facing strong resistance at the $12300 mark. However, in the hours to follow Bitcoin price managed to move past the $12000 mark and found support at the $12300 mark to rise up to the current price levels.
On the other hand, cryptocurrency analyst Trading Shot explains in his Bitcoin price analysis that the king is moving towards the $14000 high, and the current price levels fall well within the must awaited ascending channel.
Trading Shot explains calls the current trend the underlying line trend that has been brewing for months. He reminds that he first observed the trend back in June and July. Now the king has finally fell back onto the same trend and is currently moving in the trend towards the new high.
Shot furthers that an important parameter of this price action within the ascending channel is that if we take the 3.000 Fibonacci extensions from the 3rd high after the previous rise, it gives us the next possible rise. If that feature stays valid this time also, then we are looking at the next rise to around $14300.
We can observe the ascending relative strength index (RSI) on the 6 month chart showcased by Trading Shot. Moreover, the current market sentiment of greed has been rising in score from 53 neutral to 56 and now 61 greed.
Similarly, the Trading View technical indicators are pointing towards a collective strong buying trend, all the more reason to believe in increased demand and a possible new high forming. The RSI and Momentum are giving sell signals based on the previous month’s charts, however, hodlers understand the current momentum can only either rise high or flash crash. Out of the 28 buying signals 19 points towards buying while seven are still standing in the neutral zones.
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.