- Bitcoin price predictions expecting more volatility ahead.
- Bitcoin price retracing towards $11500.
- Strong support now found at the $11400 mark.
The king leads the market, and like the rule of the jungle, most cryptocurrencies depend on the Bitcoin price movement for stability. The very dependence on Bitcoin is the reason Ethereum started moving towards proof of stake (PoS) protocols from proof of work (PoW). At the time of writing, Bitcoin’s price has finally started tracing towards the $11,500 mark and gradually found support at the $11400 mark and Bitcoin price predictions expect some uptrend ahead.
Bitcoin price movement started at the $11300 support while the cryptocurrency traded between $11360 and $11400 for the better part of the day. Around 7:00 GMT a flash rise pushed the price movement above $11400 level marking it as a strong support since.
Bitcoin price predictions: Where is BTC headed?
Major buy and sell technical indicators are now finally on the same page with strong buying signals, i.e., the oscillator signals and the moving averages are now inclining towards the buying side, providing some stability to the Bitcoin price movement and, in turn, the cryptocurrency market as a whole. However, the oscillator signals are still not as stable as they should be for the bears to take hold of the price movement.
Cryptocurrency analyst on Trading View DLavrov explains that the current volatility period has made it extremely hard to predict where the cryptocurrency prices would land in the near future. However, he furthers that considering the $11,000 support persist, Bitcoin price is likely to rise on to new horizons in the long term.
Another famed analyst Wyckoff Mode explains that although the king has managed to bear the current downward pressure towards $11000 and below, the risk is still high. He furthers that the current dollar prices should be considered before making any trading decisions. Wyckoff explains that he would only be risking as much as 30 percent of his Bitcoin stock in the current market situation and hodling onto the 70 percent.
The most important Bitcoin price prediction analysis comes from Vince Prince, who puts a rationale before bias. Prince explains that the possibilities of sway to either side, i.e., the bearish and bullish sides, is still possible. He furthers that given the current market stability and other factors, bullish momentum has a higher possibility of taking the price movement’s grip.
Prince explains that the king showed some marginal up moves in the structure where it already builds this ABC-wave-count. As of now, Bitcoin is testing resistance where a consolidation within the range can be expected. However, the big questions currently persist, whether or not Bitcoin can extend this emerged wave-count? or Would it move further in the channel and form a D- and E-wave ahead in the channel?
At the time of writing, currently, it has to be noted that both outcomes leading to a possible short as there are still resistance layers and the bearish pressure. If Bitcoin manages to hold the ascending-trend-line and gain strength above it to approve an upside breakout, it will finally lead the price pattern to a C-wave-extension. However, a failure to breakout will allow downward pressure to take precedent.
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