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Key Indicators Suggest Bitcoin Could Reach Highs of 13,900 USD if Bulls Continue to Support

August 6, 2020


Talking Points:

  • Bitcoin’s consolidation period in the lower 11,000 USD region has resulted in a strong push upwards to 12,000 USD.
  • However, Bitcoin has yet to re-test this level, it does look like a movement to this level could be imminent in the short-term.
  • Several experts are now suggesting bullish outlooks on Bitcoin in the short-term
  • One expert is suggesting that a move upwards to 13,000 USD could be brewing on the horizon.
  • There are a number of different technical factors that could support this rally come in to play.

Bitcoin along with all their counterparts are pushing higher as bulls attempt to refute the ongoing indications of weakness.

This has resulted in Bitcoin hitting its resistance inside the upper 11,000 USD region, where it confronted a harsh rejection last weekend.

How Bitcoin and other cryptocurrencies react to the overwhelming selling pressure that sits between 11,600 USD and 12,000 USD will be enlightening as to its mid-term strength.

For it to post a continued break above this level and surge even higher, buyers must support a resistance flip of 12,000 USD.

One expert is suggesting numerous factors that indicate this may happen soon.

Bitcoin Bullish as Strong Support Factors Emerge.

Bitcoin is currently trading up by about 4% at a price of around 11,600 USD. This is the point where its latest uptrend halted earlier today.

The gap between this price and 12,000 USD is likely to see resistance, and a break above it would open the doors for Bitcoin to see a significant short-term upturn.

If it can’t break above this level and sees a rejection at this point, however, it could be inclined to endure a short-term downturn.

One expert recently highlighted several different factors that indicated that a rejection here is unlikely, including Bitcoin’s price being able to remain above its range’s equilibrium following last week’s decrease.

He said “The same vibe as the bigger range from May to July. Dumps lead nowhere. Price stays above EQ and leans against VAH. This looks bullish.”

Chart created using https://www.tradingview.com/

Experts See 13,900 USD As the Next Goal Following the Latest Surge.

While looking at the strength of Bitcoin’s present market structure, one expert explained that Bitcoin is currently well-positioned to see a huge extension of its upturn.

While he was referring to the chat below he said that “Seeing a 13,900 USD target for Bitcoin as long as the 0.382 at 10,000 USD holds.”

Chart created using https://www.tradingview.com/

Since Bitcoin is at present caught within a strong upturn, it is unlikely that the cryptocurrency will confront any large scale rejections in the short-term.