Bitcoin price stabilizes around $ 10,700, but analysts believe a surge against $ 11,500 is imminent
After a massively fleeting last day for Bitcoin and the aggregated crypt markets, BTC has now been able to lower and find a stability of around $ 10,700 and form $ 10,500 as a level of support.
Analysts have long noted that the Middle $ 11,000 level would be an important resistance to Bitcoin to break over, as a decisive feature of this region could lead the crypt to rebound in the direction of its previously established all-time heights .
Bitcoin Stabilizes in the Upper- $ 10,000 Region as Bullish Momentum Slows
At the time of writing, Bitcoin is marginally trading at today's $ 10,720, and is slightly down from its 24-hour highs of just under $ 11,000.
Importantly, the BTC's latest price action seems to have highlighted the current levels of cryptocurrency support and resistance, as it faced relatively strong resistance around $ 1[ads1]1,200 before being rolled down and found support around $ 10,500.
It is Hi Ghly likely that these levels of support and resistance will continue for the near future, and traders will be careful to see how BTC responds to these levels.
The Cryptomist, a popular cryptocurrency analyst on Twitter, talked about these levels in a recent tweet, noting that the crypto is currently forming a possible bullfight.
"$ BTC: Potential flag formed here. I expect this to break within 12 hours when we are already within peak level. Slightly bullish div also present. Break upwards will test the 11k region again, which is also weekly resistance , "She noted.
Possible flag formed here
I expect this to break within 12 hours as we are already within the top
Weak bullish div also presentBreak upwards would test the 11k region again, which is also weekly resistance pic.twitter.com/onYTnn5xtq
– The Cryptomist (@TheCryptomist) June 23, 2019
Analyst: BTC Likely to Continue Climbing Must Target $ 11,500 Next
Assuming Bitcoin increases its upward speed and continues to climb higher in the near future and can break past resistance that exists in the region lower than $ 11,000, it is likely to then measure t. about $ 11,500.
Josh Rager, another popular crypto analyst on Twitter, spoke of this opportunity in a recent tweet and said he believes the current chart of the crypt points to an extension of the upward momentum.
"$ BTC – 4 hr chart: Currently consolidating into a formation that is likely to lead to continuation. Classic mapping does not always work on the BTC chart and most patterns are marketed to throw people off. But I think BTC Moves up to challenge the weekly opposition $ 11,469, "Rager explained in a recent tweet.
$ BTC – 4 Hour Chart
Currently consolidating into a formation that is likely to lead to continuation [19659002] Classic mapping does not always work on the BTC chart and most patterns are marketed to throw people [19659002] But I think BTC moves up to challenge the weekly resistance $ 11,469 pic.twitter.com/SfPwE1bXjg
– Josh Rager ? (@Josh_Rager) June 23, 2019
] As the weekend breaks up and Bitcoin continues to respond to its newly established position within the upper $ 10,000 region, analysts are likely to soon gain insight into the direction of BTC's next move.
Featured image from Shutterstock.
