Bitcoin price charts hint $11K will probably result in trouble for BTC bulls
The price of Bitcoin showed support at the emotional barrier of $10,000 and bounced numerous instances as it’s already close to $11,000. Above all, may Bitcoin break through this essential location and after that continue the bullish momentum of its?
Bitcoin holds $10,000 to avoid any additional correction on the markets The retail price of Bitcoin could not hold above $11,100 at the beginning of September and dropped south, producing the crypto markets to tumble down with it.
Because of the hectic breakout above $10,000 in July, a huge gap was created with no considerable support zones. As no assistance zones have been demonstrated, the cost of Bitcoin fell to the $10,000 area in one day.
This $10,000 area is an important guidance region, as it was earlier an opposition area, especially around the moment of the Bitcoin halving that occurred in May. Fortunately, flipping this key level for support brings up the chances of further upward continuation.
Is the CME gap getting front run by the marketplaces?
As the cost dropped from $12,000 before this month, many traders as well as investors had their eyes on the potential closure of the CME gap.
Nevertheless, the CME gap didn’t close as buyers stepped in above the CME gap. The purchase price of Bitcoin reversed during $10,000 and not at $9,600.
In that regard, the likelihood of not closing this CME gap will increase by the day. Not all CME spaces will get filled as it is only another factor to consider for traders, just like support/resistance flips or the Fibonacci extension device.
What’s more likely is actually a considerable range-bound period for Bitcoin, which might keep going for months. An equivalent period was seen in the previous sector cycle in 2016.
As the chart shows, a latest uptrend is definitely noticeable since the crash with continuation likely.
The top resistance level is $10,900. If this’s broken, the next crucial hurdle is determined at $11,100 11,300. This opposition zone is the crucial level on increased timeframes also, which in turn, if broken off, might bring about an extensive rally.
The cost of Bitcoin may then observe a rapid rise to the next major opposition zone at $12,100.
Nevertheless, a breakthrough in one-go is less likely as it will only be the first test of the earlier support zone ($11,100).
Thus, a possible continuation of the sideways range bound structure shouldn’t come as a surprise and would be akin to what occurred directly after the 2020 halving.
To recap, clearly-defined help zones are actually realized at $9,200-9,500 and approximately $10,000; the opposition zones are at $11,100 11,300 as well as $11,900 12,200.