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bitcoin
Bitcoin (BTC) $ 23,141.20
ethereum
Ethereum (ETH) $ 1,590.20
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 306.02
usd-coin
USD Coin (USDC) $ 1.00
xrp
XRP (XRP) $ 0.410354
binance-usd
Binance USD (BUSD) $ 1.00
dogecoin
Dogecoin (DOGE) $ 0.08659
cardano
Cardano (ADA) $ 0.382289
solana
Solana (SOL) $ 24.15
matic-network
Polygon (MATIC) $ 1.16
polkadot
Polkadot (DOT) $ 6.46
tron
TRON (TRX) $ 0.062989
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HomeCoinsBitcoinBTC Might Rise to $17.5K and Tank to 10K, Forming Double Tops

BTC Might Rise to $17.5K and Tank to 10K, Forming Double Tops

  • Revenue Blue tweeted that BTC may rise to 17.5K and fall to 10K forming double tops.
  • BTC began within the inexperienced space final Monday however is at present buying and selling within the crimson space.
  • Increased-high registered by BTC has been adopted by sideways motion within the regression development.

Twitter crypto advisor @profit8lue, tweeted that there was a excessive probability of Bitcoin coming again to $17,500-$17,700 after which tanking exhausting to 10k, forming a double high in fast succession.

Moreover, Revenue Blue predicted that this transfer of BTC would manipulate many merchants.

Though BTC began at $16,941 (crimson zone) final Monday, December 12, it was capable of enter the inexperienced space shortly, as proven within the chart under. BTC reached new heights buying and selling within the inexperienced zone and reached a most of $18,303 on December 14. Shortly after hitting its most, BTC began its descent within the inexperienced space.

However earlier than lengthy, BTC entered the crimson zone tanking even additional. Since BTC entered the crimson zone on December 16, it has been buying and selling within the crimson space, transferring sideways. As of press time, BTC is down 0.12% within the final 24 hours and buying and selling at $16,741, based on CoinMarketCap.

BTC/USD 7-day Chart (Supply: CoinMarketCap)

As proven within the chart under, the regression development channel signifies that BTC has been buying and selling in a bullish flag, since November 21. It has been setting increased lows from late November to mid-December. Whereas throughout the regression channel, BTC examined Resistance 1 ( $18,250) as soon as; nonetheless, it wasn’t capable of retain its place and got here tumbling down.

BTC/USDT 1h Buying and selling Chart (Supply: TradingView)

Notably, even when BTC was buying and selling throughout the regression channel, its value was transferring sideways after recording increased highs (yellow circles). Nonetheless, now that the development is damaged, BTC is transferring sideways with short-range vertical actions. This sentiment is upheld by the Bollinger bands as they’re constricting the value.

See also  Bitcoin breaks $21,000 alongside $255m of 24-hour spot purchases

With the RSI index at 48.93, the development is nicely, and we may count on extra sideways motion. Nonetheless, if the bulls are dominant, BTC could break by means of the 200-day MA, its rapid resistance, and intention at Resistance.

Contrastingly, if the bears take over BTC, which is within the assist 1 area, could tank to assist 2, positioned at $15,570.

Disclaimer: The views and opinions, in addition to all the knowledge shared on this value evaluation, are revealed in good religion. Readers should do their very own analysis and due diligence. Any motion taken by the reader is strictly at their very own danger, Coin Version and its associates is not going to be held chargeable for any direct or oblique harm or loss.

CoinsTeacher

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