{"id":433250,"date":"2020-08-04T11:03:23","date_gmt":"2020-08-04T11:03:23","guid":{"rendered":"https:\/\/ktsl888.com\/?p=433250"},"modified":"2024-06-11T14:06:03","modified_gmt":"2024-06-11T14:06:03","slug":"bitcoin-support-price-2019-high-analyst","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/bitcoin-support-price-2019-high-analyst\/","title":{"rendered":"Bitcoin Support at $10.5K Could Push Price Towards 2019 High: Analyst"},"content":{"rendered":"
Bitcoin price could hit the 2019 peak level moving forward, according to analysts at TradingShot.com.<\/p>\n
The trading signals provider stated in its latest analysis<\/a> that BTC\/USD would move towards $14,000 as long as it maintains $10,500 as its support. The same level served as resistance for eleven months, prompting TradingShot to see it as a concrete price floor in the coming sessions.<\/p>\n The analogy also appeared out of Bitcoin’s pump-and-dump action<\/a> earlier this week. On Sunday, the cryptocurrency price hit a year-to-date (YTD) high at $12,134 (data from Coinbase), creating a new milestone in a bull run that started in March 2020.<\/p>\n However, Bitcoin failed to sustain the uptrend above $12,000. So it appears, traders who have stacked the cryptocurrency over the last four months booked their profits, causing a huge downside correction.<\/p>\n The price eventually fell near $10,500, from where it bounced back above $11,000 all over again.<\/p>\n <\/a><\/p>\n “The pull-back stopped exactly on the former 11 month Resistance of $10,500,” noted TradingShot. “Will it turn into a Support now? If yes, that would be incredibly positive moving forward. So far we see some buying activity, although the price has been mostly consolidating after the initial sharp\u00a0<\/span><\/span>buying at 10500.”<\/p><\/blockquote>\n The portal also coupled its upside take with a rising channel pattern, as depicted via purple in the chart below.<\/p>\n <\/p>\nBTC\/USD price is maintaining support at near $10,500. Source: TradingView.com<\/a><\/pre>\n
Rising Channel<\/h2>\n
BTC\/USD price is rising higher in an ascending range. Source: TradingView.com<\/a><\/pre>\n