Bitcoin analyst, MagicPoopCannon, believes that Bitcoin will ultimately problem its previous ATHHowever, it has yet one more resistance degree on the $17,ONE HUNDRED worth areaIf BTC does not holiday this resistance, it will drop back down to $13,800Bitcoin may just then leap from $THIRTEEN,800 to a new all-time prime
Bitcoin analyst, MagicPoopCannon, has equipped his most recent perception into Bitcoin’s likelihood of breaking its previous all-time high. according to Magic, Bitcoin (BTC) is on a path towards testing a crucial resistance area on the $17,000 degree. that is where Bitcoin shaped a 2018 top at $17,100 and will supply a huge roadblock for BTC moving forward.
At the instant, it’s vital to understand that 17,000 is a crucial degree for plenty of purposes. First Of All, you’ll see that a outstanding peak was formed in January of 2018 (right after the all time top) on the 17,ONE HUNDRED degree. you can see that with the yellow horizontal trendline chart below. The volatility at that height was once clearly slightly serious. So, there is a fair probability that it’ll act as preliminary resistance.
Bitcoin Shaped an Inverted Head & Shoulders from Oct. 2019
Magic additionally shared the following Bitcoin chart that highlights that BTC shaped an inverted Head and shoulders that started in October 2019.
Screenshot courtesy of TradingView.com
in keeping with Magic, the inverted head and shoulders issues against Bitcoin retesting the $17k worth level.
After price broke out above the neckline, it again to it and held it as reinforce during the complete month of September. That used to be a key indicator that BTCwas confirming the inverted head and shoulders trend.
Looking on the price target of the inverted head and shoulders development, you’ll see that the dimensions of the top tasks a rise exactly to the 17,000 stage, as shown with the vertical dotted lines.
BTC Could Fall Backtrack to $THIRTEEN,800 Earlier Than Challenging $20k
If the inverted head and shoulders plays out to the $17k degree, Magic postulates that the resistance at this stage could cause BTC to drop to the $THIRTEEN,800 give a boost to zone. Furthermore, the day by day MACD and lowering trade extent also are hinting at a pullback.
…the MACD is appearing indicators of a possible bearish crossover…the volume has been falling even as price has been emerging. this is a bearish indicator, showing that the buying and selling activity is helping the elevating costs at a decreasing price…if the 17,000 degree acts as resistance.
If BTC cannot breakout above it, i feel there may be a tight probability that shall we see BTC go back to the 13,800 degree, to check and confirm it as give a boost to.
Once Bitcoin falls back to the $13,800 toughen area, he believes that it will have sufficient momentum to eventually problem the December 2017 all-time top of $20k.
Then, we could see the general explosion against the 20,000 level, the place BTC will inevitably take a look at the all time prime. Whether Or Not we pull back from 17K or not, I do imagine that BTC will certainly retest the all time prime.