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Crypto analyst spotted this strong Bitcoin bullish harmonic structure in an advanced form.
The pattern is pointing towards a $32,000 BTC price as the next bull run target.
Yesterday, Bitcoin price reclaimed its critical $12,000 resistance before suddenly dropping by $500 in seconds to fill futures gap.
A bounce off $11,500 saves investors from serious pain but $12,000 remains a problematic level to flip to support.
Data from Cointelegraph Markets and Coin360 showed BTC/USD nosedive 4% during Monday trading, bouncing off $11,500 and since returning to $11,700.
In doing so, Bitcoin neatly filled the latest gap in CME Group’s Bitcoin futures markets, which lay just below $11,700.
A classic move, Cointelegraph predicted on the day that markets would likely attempt to go lower on short timeframes to fill the gap, in line with standard behavior.
The event caused a dramatic spike in liquidations on derivatives giant BitMEX, data from monitoring resource Skew confirms.
For Cointelegraph Markets analyst Michaël van de Poppe, the sudden dip suggested that Bitcoin was returning to the pattern of behavior seen in recent months.
“Smaller timeframe chart explaining what just happened. Essentially, we’re back into the ranging gameplan,” he told Twitter followers.
“Ranging” within a certain price corridor has become a feature of BTC/USD in 2020, with recent gains upending a protracted period, which slowly narrowed to point — a process known as compression.
Going forward, lower levels could see a retest, with significant support just above $10,000 still apt to form the price floor, Van de Poppe thinks.
“Larger timeframe; still expecting such a scenario,” he continued.
“If we break $12K however, I assume we’ll see $13k.”
Attention will thus now focus on bulls’ ability to cement $12,000 as a support zone, something which has yet to occur on any meaningful level for Bitcoin.
Nonetheless, the latest weekly close marked the highest since January 2018 and the initial fall from Bitcoin’s all-time highs of $20,000.
In other trending Bitcoin News today:
‘Capital Flight out of Asia Is Taking Bitcoin Express’ Says Max Keiser
Capital flight out of Asia is one of major reasons for Bitcoin (BTC) hitting new 2020 highs in August, a major Bitcoin advocate believes.
Max Keiser, a famous American broadcaster and known Bitcoin bull, is confident that rising tensions in Asia are one of factors for Bitcoin’s rally up to $12,000.
In an Aug. 10 tweet, Keiser argued that Bitcoin is a solid method to move big amounts of money abroad while crossing borders.
According to Keiser, a number of people in Asia are using Bitcoin to move their money out of the continent as geopolitical tensions risk affecting markets.
“Capital flight out of Asia taking the Bitcoin express,” Keiser wrote. Comparing Bitcoin to gold — one of the world’s most popular safe-haven assets, Keiser argued that Bitcoin is one of the few ways to move a fortune abroad. Keiser said, “You can’t take it with you, unless it’s Bitcoin – then you can take IT ALL with you. (Something near impossible with gold).”
The news comes amid reports of Chinese citizens illegally crossing into the United States with $28,000 worth of gold bars.
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.