Investing.com | Editor Nikhilesh Pawar
Published Nov 18, 2023 18:00
NEW YORK - Bitcoin has demonstrated remarkable strength in the face of what many traders anticipated would be a bearish market turn. Despite a bearish TD9 sell setup on the weekly chart, the cryptocurrency has maintained its value above significant price levels, sparking discussions of an impending bullish momentum.
Technical analysis of Bitcoin's recent activity shows a failure of the TD Sequential indicator's sell signal, which typically suggests trend exhaustion. This scenario is reminiscent of the pattern observed in 2020 when a similar disregard for the bearish signal preceded a substantial increase in Bitcoin's value. The current market dynamics suggest that Bitcoin could potentially climb to $85,000 by the end of December and may even extend towards a staggering $200K per coin thereafter.
The market's confidence is further bolstered by the adjustment of the market timing tool, which now reflects stronger support at $25,000, up from the previous $10,000 level. This revision reduces the likelihood of future price dips below this new threshold. The technical discrepancy and the failure of an ascending triangle pattern often lead to an unwinding of long positions, contributing to an uptrend momentum.
Social media platforms are abuzz with optimistic sentiments as evidenced by discussions tagged with #Bitcoin. These conversations reflect a collective bullish outlook within the cryptocurrency community following these market events. As investors and traders watch closely, the reinforced support levels and historical patterns provide a foundation for expectations of Bitcoin's potential growth in the coming months.
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Written By: Investing.com
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