What’s Next for the Crypto King After Breaking Above $12K?

  • The bullish sentiment prevailing for BTC from the past couple of days have provided significant positive momentum. 
  • The world’s largest crypto asset is now above the crucial mark of $12k
  • The dominance of the crypto king keeps shooting up and currently stands at 60.70% meaning an increase of 1.16% over the day. 
btc 1 1
Source: Tradingview

Bitcoin hinted its bullish move at the start of this week when the price levels broke out from the symmetrical triangle pattern twice breaking the major resistance level of $12,000.00. If BTC is able to sustain above this crucial mark for this month and the history of its price behaviour in November of every year, we can expect the bulls to sustain for the whole next month. This also means that the next crucial target for BTC in the upcoming month can be $13,100 if the bulls sustain. Also, if the volume continues to be on increasing mode for the next month, we could expect the target of $14,200 for the crypto king by the end of the year. 

btc2 1
Source: Tradingview

The chart highlights the imaginary trading line reflecting on the possible outcome for BTC of reaching the target of $14,200 by the end of the year with the scenario mentioned above and bullish sentiment prevailing for the crypto asset. The current bullish scenario is supported by majorly three aspects. First, the two positive breakouts from the symmetrical triangle. Second, the surge in BTC futures volume on major crypto exchanges. Third, the continuous increase in BTC dominance starting the month at the level of 57.00% and currently standing at 60.70% and still looking bullish. 

Source: Tradingview
btc 3 1
Source: Tradingview
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For inspecting the significance of the current bullish move, the daily price levels of BTC are trading well above EMA-20,50 and 100 respectively. This indicates that the bulls are well above from facing any major price corrections which previously the price levels around 18.5% over the next few days. Later on, if BTC faces any profit booking momentum from the whales, we can expect EMA-100 to act as a support line. 

btc4 1
Source: Tradingview

The relative strength index levels are strongly aiming for the overbought region which is a positive sign for the bulls. The current level stands at 67.06 with no signs of negative momentum. 

btc 5 1
Source: Tradingview

The moving average convergence and divergence levels are moving positive with a bullish crossover around the neutral region. Another bullish crossover is yet to be expected which can provide more positive momentum to the bulls. 

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Krystian Bielanskihttp://www.thecoinrepublic.com
Krystian is a crypto trader and investor with a background in IT based in Hong Kong. He specialises in technical and fundamental analysis working closely with chartist and algo programmers.

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