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Bitcoin Enters “Prime Short Squeeze” Territory as Analysts Target $14,000

Bitcoin Enters “Prime Short Squeeze” Territory as Analysts Target $14,000

Bitcoin and the whole crypto market are at the moment seeing some quiet value motion. This newly established consolidation part comes shut on the heels of the current surge that ship BTC to highs of $11,400.

It seems that BTC is struggling to carry above $11,000, because it has been buying and selling beneath this important assist degree for many of the morning.

Despite this not being a optimistic signal, you will need to remember the fact that the essential assist to look at is $10,500, and it has not but proven any indicators of being vulnerable to breaking beneath this degree.

One analyst is now noting that this ongoing value decline may very well be trapping quick positions, laying the groundwork for Bitcoin to see a brief squeeze that sends the benchmark cryptocurrency surging greater.

As for the way excessive this might lead the digital asset, he’s pointing to the $14,000 area as his subsequent main upside goal.

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Bitcoin Flashes Some Signs of Weakness, But Could It Be a Bear Trap?

At the time of writing, Bitcoin is buying and selling down simply over 1% at its present value of $10,950.

It has been buying and selling beneath $11,000 for many of the day, as consumers have been shedding a few of their energy as a result of insurmountable promoting strain that has been established throughout the mid-$11,000 area.

Overnight, bears did push BTC as little as $10,800, however the shopping for strain right here proved to be fairly vital and helped gradual its descent.

While talking about this present consolidation part, one analyst defined that he believes it has put Bitcoin in “prime quick squeeze territory” that might permit the crypto to rally considerably greater within the near-term.

“For my cash BTC is at the moment doing that sidestep earlier than one other leg. Similar to the fractal following the breakout of the triangle (round $550).  Many indicators can be displaying overbought circumstances however that is prime quick squeeze territory for a honey badger in warmth.”

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Image Courtesy of Tyler Coates. Chart through TradingView.

Bulls might use the rising variety of quick positions which have emerged on account of its consolidation part to push the crypto even greater.

Analyst: BTC Bull Flag Break Means Move to $14,000 is Imminent

The similar analyst additionally provided an optimistic value goal of $14,000.

He defined in a separate evaluation that the bull flag that Bitcoin broke on account of its rally from the lower-$10,000 area produced this excessive value degree as an upside goal.

“BTC Bull flag goal: $14,000,” he concisely said whereas pointing to the beneath chart.

1596157292 653 Bitcoin Enters “Prime Short Squeeze” Territory as Analysts Target 14000

Image Courtesy of Tyler Coates. Chart through TradingView.

He additionally notes that his purchase zone at the moment sits between $9,800 and $10,300.

Featured picture from Unsplash.
Charts from TradingView.

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