Bitcoin BTC To 16,000 or 9,000 Next?
Today we are going to be taking a look at Bitcoins technical analysis. This is something we drew out before this ABC correction even occurred and we actually predicted this consolidation zone. We just broke out of this in that major resistance of $12300 heading towards that $13500 and our next target $16300. We have a ton of awesome stuff to talk about today 2 scenarios for Bitcoin as well as what’s happening with altcoins and total cryptocurrency market cap then looking at Gold and another headline So let’s go ahead and first look at what’s happening here with bitcoins technical analysis. You can see here we’ve got this bullish momentum to the upside heading towards $13,500 however, you can notice here we do have. some low volume that you want to pay attention to. Realize that before when we topped out here at $13500 we had this high push of volume. Right now we’ve got very low volume and you can see we’re starting to descend here on this RSI and then looking at the MACD we’re a little bit exhausted as we are starting to pull back and there is a crossover potentially there to occur. However, you can see that has not currently occurred. Therefore, it is showing a little bit of some signs of weakness and I do think we’ll stay in this consolidation. I think there’s two scenarios here we will either stay in this consolidation zone allowing altcoins to start moving up or we break $13500 and we head towards that $16,300 level and that’s gonna be a confirmation on the daily candle above $13500.
What’s interesting about what we see here with Ethereum to Bitcoin, which is pretty much mimicking the majority of altcoins in this market is we’re still at these all-time lows. You can see we’ve got major support here at 2.5 million Satoshi’s and knowing that we’re still at these low levels I still expect some potential upside here really soon. You can see not only is the MACD showing very very high potential for bullish momentum here soon but it looks a lot better than Bitcoin and you can see we’ve raised above that 40 here we already double topped above 40 staying in this neutral zone anything between 40 and 60 is positive. This leads me to assume we’ll see higher upside here for Ethereum here potentially soon.
The total cryptocurrency market cap validates all of this and when you look at total cryptocurrency mark you can see we’ve got strong resistance heading towards that 370 billion dollar range, and then you can see we’ve also got that strong support around 280 billion.
So let’s move on to ETH / USD you can see we broke bullish on this flag and you can see now we are starting to head up. We’re also seeing that validated here with the MACD and that validates the theory to potentially see upside start gaining back those Satoshi’s and then when you look at Gold you can see we double topped as well. So not any momentum just yet, but you can see some. buy volume here on the daily chart thus leading me to believe that Bitcoin is also going to start to see some slowdown here really soon.
One headline that really mattered to me today was Bitstamp crypto exchange sets up Lightning Network, that’s a huge step forward for Bitstamp but more importantly it’s a huge step forward for the cryptocurrency sphere as a whole. Knowing that we’re now adopting the Lightning Network that’s going to. allow for faster Bitcoin transactions and for a more efficient network as a whole and so that’s a very positive thing.
Thank you guys so much for tuning in, I hope you enjoyed this analysis on the potential of Bitcoin to head to $16,000 or $9,000 dollars next. Let’s go ahead and see what occurs in the next week or so and with that being said Naeem Al Obaidi here checking out TPC family take care!