September 16, 2020 / Forecasts
Bitcoin price reached $ 11,000 today. In this article, we will analyze five predictions made by various traders such as Davincij15, Tone Vays, Crypto Zombie, Tyler S, and MMCrypto. They indicate what support and resistance levels are expected, as well as give an overall assessment of the cryptocurrency market.
The first guest for today is Davincij15 and he predicts BTC rise to $ 11,200:
Bitcoin will continue its upward movement. The rate will rise above the long-term trend line again with sufficient buying power. We have already been over this line several times, as well as under it.
Davincij15 expects that the growth will continue to $ 11,400 approximately, after which there will be a correction to this trend line, and after pushing off from it, the price will move towards $ 12,000.
If there is sufficient potential, we can get this level, which Bitcoin was not overtaken in August. After this level, BTC price will move even higher.
There is, of course, a negative scenario. According to it, when we reach $ 11,200, we will turn down. At the same time, Davincij15 is optimistic and believes that the bulls will be able to break this level this time. And then he talked about the purchase of bitcoins by MicroStrategy.
And then Davincij15 began to talk about the rate on the Deribit crypto derivatives exchange at a price of more than $ 36,000 per bitcoin at the end of 2020.
There are now 752 such contracts, and Davincij15 believes that they can turn out to be profitable because Bitcoin has every chance of ending the year with $ 40,000.
According to Tone Vays, there is complete uncertainty on the weekly chart:
Therefore, he advises to just let the market decide. Tone Vays is ready to become a bull again and predict the price of $ 12,000 if BTC rate rises above $ 11,400. And, of course, if this boundary does not hold, the trader will return to his forecast of growth to $ 14,000. But specifically according to the current situation he considers another correction to $ 9,000 more likely and only there will be a reversal.
Things are much better on the daily chart. Bitcoin came out of consolidation and the coin is moving towards $ 11,000.
An upward impulse can push the price up to $ 11,100. According to Tone Vays, the main resistance will be $ 11,400, which will determine the continuation of an uptrend or a reversal for correction.
At the same time, it demonstrates that the 4-hour chart has worked well towards the growth towards $ 11,000 and there is a possibility of its continuation. The trader also draws a green arrow in the $ 13,000 area. In his opinion, the rise in the S&P 500 could push BTC price up. But there are also red arrows on his chart, from $ 11,000 and $ 11,400, which indicate a pullback towards $ 9,000. This is the correction he spoke about based on the weekly chart.
Crypto Zombie says the following about Bitcoin’s movement:
The current growth and the breakout of the triangle may turn into a correction back to $ 10,500. At the same time, Bitcoin may fall even lower, back by $ 10,000 to draw a “double bottom” pattern and from there move towards $ 12,000.
He notes that BTC may simply continue to grow. But this happens during strong market movements up or down. At the same time, when the price changes smoothly, there is usually a slight pullback after the growth. But even if there is a correction now, bitcoin still remains above the critical zone, which maintains general hopes for a bullish trend.
Crypto Zombie says that Bitcoin may fall even below $ 9,000. And even then, it will remain on the side of the bulls, because Bitcoin is characterized by deep corrections during an uptrend.
Crypto Zombie also demonstrates the key resistance level located around $ 13 890. This coincides with the month closed in 2017, we came to it in the summer of 2019. Now BTC price is breaking out of the triangle. If we are in no hurry, then in February 2022 we can return to this resistance and break it on an uptrend.
Tyler believes that the current rally could be interrupted by a short correction towards $ 10,600, and then up again:
The main resistance along the way is the $ 11,200 level, where the long-term trend line passes. But right now, Bitcoin covers an extremely interesting picture, which speaks of the successful breaking of this resistance and continued growth.
It’s about repeating the 2019 scenario. Then we had a bearish triangle, then an inverted Bart’s head, after which a bullish cross and a reversal of the rate in favor of the bears with the continuation of the fall. Today we get the opposite picture, that is, a bullish triangle, Bart’s normal head, and a bearish cross.
Tyler also recommends looking at the stock market, because if it does not grow or goes down, then Bitcoin will have to resume its decline. The target of such a correction is $ 9,700. But if everything is calm in the S&P 500 and bitcoin nevertheless returns to $ 10,600, this does not cancel the continued growth. This is just a small temporary correction before moving back to $ 11,000.
Chris says that the triangle was broken upwards, as he predicted earlier, and now Bitcoin has approached the first resistance zone at $ 11,000:
At the same time, the target according to his previous forecast was $ 11,300. Chris also shows that this target of $ 11,300 just hits the middle if you impose a Fibonacci grid with $ 20,000 for the top and $ 3,200 for the bottom of the Bitcoin bottom. And according to the same grid, the next target for the price will be $ 14,000.
According to the Mayer Multiple indicator, Bitcoin’s $ 10,000 is the lower bound of the bullish channel. Now Bitcoin is trading into it, and it was from here that all previous parabolic growths in 2013 and 2017 began.
In total, Chris is extremely bullish in his Bitcoin prediction, and we need to buckle up now.
admin , 2020-09-16 21:43:19 ,