Bitcoin Price to Target $14,000 BTC/USD Value Once Breaking Through Weekly Resistance Levels
- Once BTC breaks above weekly and monthly resistance, it’s time for bulls onslaught
- But higher probability of BTC getting rejected here
Since Bitcoin flash crashed to roughly around $6,200 from $8,300 and then surging to $7,000 level just as fast. The leading cryptocurrency has been holding strong at around $8,000.
At the time of writing, BTC/USD has been trading at $$7,936 with 24-hours gains of 0.57 percent while managing the 24-hours trading volume of $22 billion and $1.1 billion, per Messari’s Real 10, 24-hr volume.
Pointing to the 1 month chart of Bitcoin, crypto trader and investor Josh Rager shares how the world's top cryptocurrency has broken multiple monthly horizontal resistances in May and hasn’t looked back yet. Now, he says, if Bitcoin breaks above $7,790 level, the next monthly resistance falls over $9,200 while the weekly resistance is present at $9,600.
Once these resistances break, Rager says we need to watch out for bulls.
The market is still healthy and sturdy and experts are calling out for a big rally ahead but according to crypto analyst, Magic Poop cannon, the flagship cryptocurrency can have a higher probability to get rejected here.
Currently, he says BTC is testing the top side of the downside channel, that it has been trading in for over a year.
In his latest analysis, Magic shares how Bitcoin has surged above the top of the downtrend channel but as we can see Bitcoin is struggling to remain above it, having dropped down below $8,000 a number of times.
Currently, we are resetting the top of this and if Bitcoin fails to hold the top of this downtrend channel, he says we will head back down. However if BTC holds the top of the channel then we would be breaking above, targeting $14,000.
But the main issue here, Magic explains is the NVT sell signal that has been building combined with extremely overbought money flow index, and divergence from the log chart’s regression line.
“There is a higher probability that BTC will get rejected here, and fall deeper into the downtrend channel, particularly because of the NVT, MFI, and log regression issues.”
Magic is not a believer in the bull market yet unless we see a successful breakout above this channel. The downtrend channel is “extremely important” and the price action around its top will give us the signal if we are in the initial phase of a bull market or still in a transition phase.
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Bitcoin’s price is $34,966.30 BTC/USD exchange rate today. The real-time BTC market cap of $655.25 Billion currently ranks #1 with a chart dominance at 62.37%, daily trading volume of $25.57 Billion and live coin value change of BTC -1.58 in the last 24 hours.
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