Bitcoin [BTC] Gathers Major Support $12.5k, Matches Towards 14k USD

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Bitcoin [BTC] Gathers Major Support $12.5k, Matches Towards 14k USD

  1. BTC recovered from its short bear trend rapidly since 1st of July
  2. Adding more than $1,200, BTC moved up more than 11% within the last 24 hours
  3. BTC is currently trading at $12,676.72 with a total market cap of 225.75 billion

BTC showed a series of repetitive patterns relating to its parabolic movements of recent years early in March and since then, it has continued to rise steadily. Never deviating from the set design, BTC has met with major resistance at the $10k, 11k and 12k USD mark but by the end of June, had surpassed these levels, setting a new all-time high of 8 months at around $13,200 early in July.

July came along with a strict price correction for bitcoin which later saw the price at the 10k USD support level. And as if bitcoin was destined to triumph, overcame this hardship and rose steadily again as if it were a liquid-in-glass under the influence of heat. Bitcoin kept the momentum on until Monday, 8th, a day where bitcoin was seen to be trading around $11,200 per unit. Surprisingly (maybe not actually), over the last 24 hours, BTC has gained more than $1,000 and now sits comfortably at $12,676.72 with a strong support level at $12,500 mark.

Going Higher

Since the persistent start of the current parabolic wave in late March, Bitcoin hasn’t crossed into the Ichimoku cloud, which indicated one of the most bullish sequences bitcoin ever recorded in history.
This (current) price action shows a number parameters that correlate with the 2016 fractal that actually pierced through the Ichimoku cloud and consolidated by making a Double Bottom on 1D before gradually resuming the long term uptrend.
Both candle sequences peaked at around 120 days after breaking above the Ichimokuand pulled back almost -30% from the top.

The BTC price sits above the major counter trendline it made on 1-hour timeframe bullish breakthrough from the three chart designs – from the smaller triangle, from the bigger triangle and from Inverted Head and Shoulders.

Bitcoin Chart
Bitcoin Chart | Source: TradingView

The price design and general view on the chart are supporting that move upwards. It can possibly reach as high as $14,000.

Summary
Bitcoin [BTC] Gathers Major Support $12.5k, Matches Towards 14k USD
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Bitcoin [BTC] Gathers Major Support $12.5k, Matches Towards 14k USD
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BTC recovered from its short bear trend rapidly since 1st of July Adding more than $1,200, BTC moved up more than 11% within the last 24 hours BTC is currently trading at $12,676.72 with a total market cap of 225.75 billion
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Author: Dare Shonubi

Staff writer at Coingape. Certified cryptocurrency expert and Blockchain journalist covering crypto market analysis and general Blockchain adoption and development.
You can follow me on Twitter at @ShonubiDare or reach out to me at dare[at]coingape.com

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Dare Shonubi 247 Articles

Staff writer at Coingape. Certified cryptocurrency expert and Blockchain journalist covering crypto market analysis and general Blockchain adoption and development.
You can follow me on Twitter at @ShonubiDare or reach out to me at dare[at]coingape.com

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