• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news today, price & technical analysis
Price & Market
Cap Data from
Nomics Logo
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
No Result
View All Result
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
No Result
View All Result
NewsBTC
No Result
View All Result
Price & Market
Cap Data from
Nomics Logo

Bitcoin (BTC) Technical Analysis: Purging “Useless” Coins Will Pump Bitcoin to $20,000 Says Clam Chambers

Dalmas Ngetich by Dalmas Ngetich
3 years ago
in
Reading Time: 2min read
Bitcoin (BTC) Technical Analysis
Advertisement

Like most coins, there is some upward pressure for Bitcoin and what a time to capitalize on. In the past week or so, we have seen the influence of $6,000 our main support line and 2018 lows. Because of these developments, odds of further gains are high and this opens the door for Bitcoin buyers to search for loading opportunities in lower time frames.

From the News

By design, cryptocurrencies are meant to exist on their own without government interventions. To make this a reality, these coins exist digitally in an often regulated environment. Aside the regurgitation of stale crypto news by mainstream media, we have seen how useful they are for struggling economies hit by hyperinflation. Bitcoin for example is in use in Zimbabwe and in Bolivia where their government issued paper monies are worthless.

These encouraging cases give a glimpse of the future where the value of any currency is determined by the community and not by a government entity working in cohorts with rogue politicians. Talking of rules and regulation and the Chilean Court of Appeal has ordered the country’s state bank Banco Estado to reopen the deposit account of OrionX. OrionX is one of Chile’s cryptocurrency exchanges.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

#Bitcoin may not be a financial asset or instrument, but its chart sure moves like one. Clear patterns that any chartist will recognise, esp. with a logarithmic Y-axis (linear scale, chart 2, less relevant for such big moves). In fact, recent rise less steep than in Q1 13, Q4 13 pic.twitter.com/tvTOyAGpso

— Geert De Clercq (@gvdeclercq) January 4, 2018

It’s along this value proposition that ADVFN CEO thinks Bitcoin is on the path of hitting $20,000 and later $2 million. According to their bright analysis, Clem Chambers of ADVFN noticed that prices of Bitcoin often expand at 26 percent per time period and this effectively makes Bitcoin a logarithmic asset that moves non-linearly. So, in his projection, within 10 time periods assuming Bitcoin continues to compound at 26 percent, Bitcoin valuation shall reach $2 million.

Bitcoin (BTC) Technical Analysis

Weekly Chart

Bitcoin (BTC) Technical Analysis
Bitcoin Weekly Chart by Trading View

The reaction at $6,000 has been impressive and technically this is beneficial for Bitcoin bulls. While bears have been on a rampage for the best parts of Q2, odds are high that there is a recovery boiling up this quarter.

It’s from the charts really. Clearly, there was a  rejection of further buys right after week ending July 1 bull pressure confirmation. Then again, last week’s candlestick shape is hinting.

Week ending July 16 had a long lower wick meaning Bitcoin buyers were pushing up higher in lower time frame. However, the major take away was that this was happening right at main support—at $6,000.

Daily Chart

Bitcoin (BTC) Technical Analysis
Bitcoin Daily Chart by Trading View

So far, Bitcoin prices are up three percent and rejecting further lower lows. Of course, this is overly positive for hawks and my trade suggestion demands patience for risk-on traders until after prices edge past $6,800 and $7,000.

The reasoning is simple: $7,000 is July 2 highs. Besides, it marks the upper limit of an intra-range resistance and bull trigger. However, this doesn’t mean risk off traders should capitalize on this resurgence. They can buy on dips with stops at $6,000 and first targets at $10,000.

Disclaimer: Views and opinions expressed are those of the author and aren’t investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision.

Tags: Bitcoin (BTC) Technical AnalysisBitcoin price chartBitcoin Price ForecastClam Chambers Bitcoin
TweetShare
Nexo Logo
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? Win up to $1,000,000 in One Spin at CryptoSlots
Dalmas Ngetich

Dalmas Ngetich

Interested in new Tech

Related Posts

Binance, Binance Coin, Binance Smart Chain, BNBUSD, BNBBTC, BNBUSDT, BNB

Binance Coin (BNB) Bull Run: Analyst Makes Bold Case for $500

28 mins ago
Rare Homer Simpson Pepe NFT Sells For $312k

Rare Homer Simpson Pepe NFT Sells For $312k

2 hours ago
Binance Coin Price

Charted: Binance Coin (BNB) Gains Momentum, Why Dips Are Attractive

4 hours ago
Upside Potential in NFTs is Massive Says Gary Vaynerchuk

Upside Potential in NFTs is Massive Says Gary Vaynerchuk

6 hours ago
Saylor Sees Bitcoin Regulation as Greenlight For More Institution Inflows

Saylor Sees Bitcoin Regulation as Greenlight For More Institution Inflows

6 hours ago
Ethereum

TA: Why Ethereum Close above $1,600 Could Stage A Strong Rally

6 hours ago

Premium Partners

Top Brokers

eToro

eToro

Review · Visit
Evolve Markets

Evolve Markets

Review · Visit
ArbiSmart

ArbiSmart

Review · Visit
PrimeXBT

PrimeXBT

Review · Visit
Moneta Markets

Moneta Markets

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bonusfinder DE

Bonusfinder DE

Review · Visit
Bspin

Bspin

Review · Visit
Wolf Bet

Wolf Bet

Review · Visit

Top Sportsbooks

1xBit

1xBit

Review · Visit

Press Releases

Easyfi Network introduces Staked Derivative Assets Money Markets on Layer 2 DeFi

March 1, 2021

Seascape Network Officially Debuts on Binance Smart Chain

March 1, 2021

What Will Happen to Oil Production and Distribution in 2021, and How Can You Make a Profit on It

February 28, 2021

Newsletter Signup


ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Auto Trading Software ▸

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2020 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Trade
  • Gamble +

© 2020 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.