According to the gold ratio, Bitcoin will rise to $ 14,000
2 min readThe price of Bitcoins has broken out of its trading range and may have also broken out of the massive multi-year triangle. If the leak can sustain and confirm, the first logical target according to the gold ratio, an important factor in the bull market, would be $ 14,000.
Bulls are pushing the price of Bitcoin and the cryptocurrency is skyrocketing
Since the beginning of May, the price of Bitcoins has been within an ever narrower range. Early last week, however, the cryptocurrency launched a rally. This caused an increase in the Bollinger Bands, which reached a range not observed since the decline to $ 3,200 in November 2018. Bitcoin bulls then waited for a signal or risk a “head fake” (similar to a bull or bear trap).
But the bulls pushed the Bitcoins through resistance at $ 10,500 and set another high for price action in a higher time frame. The cryptocurrency managed to close yesterday’s daily price candle above a key level and keep it as support. This could be the beginning of a new bitcoin uptrend.
BTCUSD faces a pair of sales signals in daily time frames, but stimulus packages could sustain asset withdrawals. If BTC continues, one crypto analyst says the first big resistance is likely to be $ 14,000.
BTCUSD resistance is $ 14,000 according to the gold ratio
The whole crypto community is talking about Bitcoin escaping from its tedious business scope. Moving from such a long-spent consolidation under resistance could send the cryptocurrency sharply up if it lasts.
According to crypto analyst Philip Swift, the first stop and the level of main resistance is $ 14,000.
It is not just the level above which the cryptocurrency did not reach in June 2019, which led to a further decline in this asset class. It is also a goal based on the golden ratio.
Fibonacci ratios are used to find potential support and resistance to financial assets. The gold ratio of 1.618 indicates places where possible changes may occur or act as key levels.
If the price of Bitcoin continues to rise to over $ 14,000, two strong levels of resistance remain. One is $ 17,000, where the first lower maximum was in 2018 before the bear market began. The second is, of course, ATH $ 20,000.
Could Bitcoin follow the gold, which has recently reached its all-time high and is still rising?
You might also like: What can you buy with Bitcoin?
