Bitcoin Can Hit $ 12k for Ethereum-Tailing Behavior: Analyst

clicks | 10 days ago | comments: discuss | tags: cryptocurrency bitcoin ethereum

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Ethereum breaks upward of its sideways consolidation pattern. Source:
The pair rose by more than 6 percent from the point of the breakout.
Mr. Rager spotted BTCUSD in a similar Triangle-like range. He said in a Friday tweet that the cryptocurrency could break above the pattern–just like Ethereum did– and attempt a close above $12,000. BTCUSD price in the Ethereum-like consolidation channel. Source: A Bull Triangle
The reason for Mr. Rager’s bullish Bitcoin prediction also resorted to the shape of its current consolidation pattern. It technically resembles a symmetrical triangle, confirmed by its two converging trendlines. It is a continuation pattern that typically sends the price in the direction of its previous bias.
In the current case, BTCUSD was rising before it formed the Symmetrical Triangle pattern. As a result, the cryptocurrency should ideally continue trending upwards upon breaking it. Meanwhile, the length of the breakout should be as much as the maximum height of the Triangle. BTCUSD symmetrical triangle's upside target is near $12,000. Source:
That is $780, which puts Bitcoin’s next upside target close to or above $12,000. Pullback Theories
As Mr. Rager and others eye a BTCUSD upside continuation, specific bearish setups are also waiting to pull the rugs under bulls.
For starters, the cryptocurrency continues to feel the selling pressure while trading under a long-term descending trendline. As shown in the chart below, BTCUSD’s latest rally has paused right near the same price ceiling that has been holding it from logging a full-fledged breakout since December 2017. BTCUSD bulls remain capped under the red trendline. Source:
On a macro front, the latest signals show that Bitcoin may continue its upward moves in the coming sessions ahead.
The Federal Reserve’s decision to keep its interest rate near zero, as well as to continue its bond-purchasing program until December 31 may send investors looking for safety in Bitcoin, a perceived anti-inflation asset....