{"id":55139,"date":"2019-08-09T09:20:38","date_gmt":"2019-08-09T07:20:38","guid":{"rendered":"https:\/\/en.ethereumworldnews.com\/?p=55139"},"modified":"2019-08-09T09:20:40","modified_gmt":"2019-08-09T07:20:40","slug":"analyst-bitcoin-primed-move-17000-breakout","status":"publish","type":"post","link":"https:\/\/en.ethereumworldnews.com\/analyst-bitcoin-primed-move-17000-breakout\/","title":{"rendered":"Analyst: Bitcoin Primed to Move, BTC Could Hit $17,000 in Breakout"},"content":{"rendered":"\n<h2><strong>Bitcoin Sitting Snug at $10,800<\/strong><\/h2>\n\n\n\n<p><a href=\"https:\/\/en.ethereumworldnews.com\/category\/news\/bitcoin-news\/\">Bitcoin <\/a>(BTC) has finally taken a breather after days of tumultuous price action. As of the time of writing this, the <a href=\"https:\/\/en.ethereumworldnews.com\/perfect-combo-for-crypto-adoption-low-interest-trade-wars-hong-kong-protests\/\">cryptocurrency <\/a>sits snug at around $11,800, having found some stability around this key resistance level. <\/p>\n\n\n\n<h4><strong>Related Reading: <a href=\"https:\/\/en.ethereumworldnews.com\/binance-coin-bnb-outperforms-bitcoin-ethereu\/\">Binance Coin (BNB) Outperforms Bitcoin, Ethereum &amp; More: Here\u2019s Why<\/a><\/strong><\/h4>\n\n\n\n<p>Despite some analysts expecting for this consolidation phase to continue, as BTC needs to build up more of a base at this level, one analyst is eyeing a breakout.<\/p>\n\n\n\n<h2><strong>Breakout Inbound<\/strong><\/h2>\n\n\n\n<p>In a<a href=\"https:\/\/twitter.com\/Sawcruhteez\/status\/1159507013174513665\" rel=\"nofollow noopener\"> recent tweet<\/a>, Financial Survivalism, an up-and-coming analyst and follower of Tyler Jenks&#8217; Hyperwave theory (R.I.P Mr. Jenks), noted that Bitcoin is currently entering a very important pivot point. In fact, the cryptocurrency is simultaneously encountering the top band of a descending channel that depressed BTC at $14,000 and $13,200, and an uptrend that has supported BTC from $9,600 to its week-to-date peak of $12,200. <\/p>\n\n\n\n<p>Basically, Bitcoin has a high likelihood of breaking out here. Survivalism didn&#8217;t explain whether or not this move would be higher or lower though.<\/p>\n\n\n\n<figure class=\"wp-block-embed-twitter wp-block-embed is-type-rich is-provider-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">Time to pay very close attention to <a href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">$BTC<\/a>. It is primed for a big move one way or another. If we can close a daily above $12,000 then new local highs would be highly likely. If that happens then $17,131 would be the target. If we breakdown the bull TL then target would be $8,000. <a href=\"https:\/\/t.co\/InYAfSfhCo\" rel=\"nofollow\">pic.twitter.com\/InYAfSfhCo<\/a><\/p>&mdash; Tyler D. Coates (alph\u03b1nalysis.io) (@Sawcruhteez) <a href=\"https:\/\/twitter.com\/Sawcruhteez\/status\/1159507013174513665?ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">August 8, 2019<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p>He did, however, give targets for both of the two likely scenarios. He writes that if there is a breakout, meaning a close above the $12,000 resistance level, &#8220;new local highs would be highly likely&#8221;. His target for these highs is $17,000. Survivalism adds that if there is a breakdown below the uptrend line seen above, the target would most likely be a collapse to $8,000 \u2014 some 35% lower than current levels \u2014 as that is where the bottom bound of the descending channel is. <\/p>\n\n\n\n<p>Again, Survivalism didn&#8217;t tip his hand as to which way he is expecting for Bitcoin to head. But analyses completed by other traders suggest that the Bitcoin ball is in the court of bulls.<\/p>\n\n\n\n<p>BTC saw its one-day Moving Average Convergence Divergence (MACD), a technical signal used to track trends, print a bullish crossover, resulting in a green candle on MACD&#8217;s histogram. The last time BTC saw this signal in this trend, two strong moves higher followed: 52% and 61%. Should history rhyme, BTC could surge to around $17,000 by the end of August, which is only three weeks away. <\/p>\n\n\n\n<p>Also, on Bitstamp\u2019s three-day BTC-to-USD chart,\u00a0<a href=\"https:\/\/en.ethereumworldnews.com\/bitcoin-auspicious-technical-event-rally\/\">a \u201cgolden cross\u201d just occurred<\/a>. For those not versed in technical analysis, a so-called golden cross is when a short-term moving average moves above a long-term one, implying that bulls are in control of the price of a given asset.<\/p>\n\n\n\n<p>The one that Bitcoin\u2019s three-day chart recently saw was the cross of the 50 moving average above the 200 moving average. What\u2019s notable about this is the last time this technical event played out was early-2016, February 2016.<\/p>\n\n\n\n<p>What came after that is historic. This being the rally from $500 to $20,000 \u2014 a jaw-dropping 4,000% move \u2014 in under 24 months, of course. Should history repeat from here, Bitcoin could reach $400,000 by mid-2021.<\/p>\n\n\n\n<pre class=\"wp-block-preformatted\">Photo by\u00a0<a href=\"https:\/\/unsplash.com\/@kent_pilcher?utm_source=unsplash&amp;utm_medium=referral&amp;utm_content=creditCopyText\" rel=\"nofollow noopener\">Kent Pilcher<\/a>\u00a0on\u00a0<a href=\"https:\/\/unsplash.com\/search\/photos\/sunlight?utm_source=unsplash&amp;utm_medium=referral&amp;utm_content=creditCopyText\" rel=\"nofollow noopener\">Unsplash<\/a><\/pre>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin Sitting Snug at $10,800 Bitcoin (BTC) has finally taken a breather after days of tumultuous price action. As of the time of writing this, the cryptocurrency sits snug at around $11,800, having found some stability around this key resistance level. Related Reading: Binance Coin (BNB) Outperforms Bitcoin, Ethereum &amp; More: Here\u2019s Why Despite some analysts expecting for this consolidation phase to continue, as BTC needs to build up more of a base at this level, one analyst is eyeing [&hellip;]<\/p>\n","protected":false},"author":32,"featured_media":55140,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[800],"tags":[6971,7064,162,111],"_links":{"self":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/55139"}],"collection":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/users\/32"}],"replies":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/comments?post=55139"}],"version-history":[{"count":0,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/55139\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media\/55140"}],"wp:attachment":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media?parent=55139"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/categories?post=55139"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/tags?post=55139"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}