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- On 17th of August, Bitcoin price surged above the $12000 levels and created an intraweek high of $12468 on the Coinbase Exchange.
- The $11200 and $11600 were the two crucial support levels for this month.
- If Bitcoin holds the current support levels then it is expected that the next resistance will be the all time high of $20000.
The much anticipated Bitcoin rally started in July end. On 17th of August, the Bitcoin price surged above the $12000 levels and created an intraweek high of $12468 on the Coinbase Exchange. However, Bitcoin has been stagnant in the $11500 for quite some days now. Currently, BTC is trading at $11,678.33 and is down by 0.66% in the last 24 hours. The market capital and the daily trade volumes at $215.70 billion and $19.41 billion respectively. However, some experts have compared the Bitcoin market cycle and found that a last correction in its price can happen anytime soon before the Bulls parade.
If BTC Manages to Hold Above the Resistance Levels then $20000 is not Far Away
More uptrend is expected at BTC’s price as the cryptocurrency has been holding above the one-month Ichimoku cloud and in fact, is trading above it. Ichimoku cloud is a collection of technical indicators that determines the support, resistance levels and the trend of an asset. If Bitcoin holds the current support levels then it is expected that the next resistance will be the all-time high of $20000. And once BTC reaches here there’s no holding back of the much-awaited bull run.
Previously, BTC was Below the Cloud on December, 2019
December of 2019 was the last time in BTC three years of BTC’s bear run when BTC closed above the Ichimoku cloud. Followed by which the cloud was retested in January in which the support levels turned into resistance levels. Before the black Thursday market crash, February’s top was rejected by the monthly Ichimoku. However, the much awaited rally started from July’s last week and still continues.
$11200 and $11600 Crucial Support Levels in August
The $11200 and $11600 were the two crucial support levels for this month. BTC closing above any of the above mentioned level means bullish market for it. The last time BTC opened and closed at these levels was back in December, 2017. Earlier this month, a crypto analyst Willy Woo had stated that the BTC bull run has already begun in April, 2019. The circumstances that they are facing now, is quite similar to that of the fourth quarter of 2016. However the dynamics and themes are completely different.
Considering the previous Bitcoin bull market cycle of December 2017, there are at least 12 more months of BTC’s uptrend.
Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
