It’s been a slow few weeks for Bitcoin with little movement in the market. However, it looks like the next move could be upwards with Bitcoin currently trading at $20,942, up 11% from Monday’s opening price of sub $17, 000.
A double bottom and untapped liquidity above could have pushed the price of BTC up to at least $17,000 just last week.
$BTC breaks out above BB lines as we witness a small rally. Fibonacci target: $17574 and Fibonacci stop-loss: $17065.
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Meanwhile, BTC makes a second touch of the ascending triangle, the reverse six-month cycle is pushing rightly, later we will have the closure of the monthly cycle.
If you see, when did the bit breakout happen, but it went to test the rate below and now the target is becoming 27 thousand.
Bitcoin price has declined over the past months from all time high of $69,045 to sub $15,000. The decline in price decreased interest in Cryptocurrency and also the incessant liquidation of Crypto Exchanges and Asset Management agencies breaded low investment turnover.
Could this be a bull run rallying the Crypto Industry, as it appears major Altcoins and deflating assets are soaring up, Global Crypto Market Capitalization looking healthy around $1 Trillion, it was formerly at over $2 Trillion before the crumbling crypto Winter.
Ethereum, BNB, Polygon Matuc, XRP, ADA, Doge, DOT, LTC, TRX among others have all witnessed an upward trend in the last few days. Many Crypto degenerates are skeptical about the recent pump in price with many assuming it’s as a ‘Wide Wild Pump’, some sees it as the normal CPI trend kind of pump but the playing scenario doesn’t seem to conform with TA’s predictions.
Many TA experts have called for Bitcoin price declining to around sub $10,000 but the chart might not be the direction of market variations, BTC pricing is reflected on Market volumes.
