The Stars are Aligning for Bitcoin as It Begins Forming an Ideal “Long Setup”
- Bitcoin is currently bucking the market-wide downtrend and climbing higher, expressing immense signs of strength as it nears $11,000
- It is important to note that there is some resistance within the lower-$11,000 region that it must surmount for it to see further upside
- One factor that may be driving its ongoing upswing is the flight to quality seen amongst traders
- It appears that investors are fleeing smaller altcoins and more speculative tokens in favor of BTC – which is widely viewed as the safety play within the crypto market
- As such, one analyst is noting that he believes Bitcoin has further room to run in the near-term
Bitcoin and the aggregated cryptocurrency market have witnessed some intense turbulence in recent times. BTC spent two weeks hovering around $10,000 as its buyers attempted to stop a break below this key support level.
This created some instability within the altcoin market, which has never fully recovered the momentum it established throughout the past couple of months.
While speaking about BTC’s technical outlook, one analyst explained that there are a few crucial levels that the cryptocurrency must claim in the near-term, which could all provide its technical outlook with a serious boost.
He notes that a break above the lower-$11,000 region could provide an ideal long setup.
Bitcoin Shows Signs of Strength Despite Altcoin Turbulence
At the time of writing, Bitcoin is trading up just over 1% at its current price of $10,950. This is around the price at which it has been trading throughout the morning, and it does appear to be facing some resistance at $11,000.
That being said, the strength it has seen throughout the past few days is promising and does seem to indicate that further upside is imminent.
Continued turbulence in the altcoin market may help propel Bitcoin even higher, as traders may convert their tokens into BTC to preserve their capital.
Analyst: BTC Flashes Promising Signs as It Approaches Key Levels
Bitcoin is now approaching a few key levels that should be closely observed. One analyst pointed to these levels in a recent tweet, including its diagonal resistance, its range EQ, as well as its low-time-frame support/resistance.
“BTC – Now that we got a bit of a pullback this will be an even better long setup imo. Reclaim the LTF S&R, Diagonal Resistance, then the EQ and I’ll enter with my first area of interest as the Range High,” UB explained.
Image Courtesy of UB. Chart via TradingView.
These levels mainly sit between $11,000 and $11,200, making a firm break above this region vital for Bitcoin to see significantly further upside.
Featured image from Unsplash. Charts from TradingView.
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