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Breaking News: BNB Reaches New All-Time High Of $956 As Binance Nears Deal With US DOJ
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Breaking News: BNB Reaches New All-Time High Of $956 As Binance Nears Deal With US DOJ

Despite 10% Bounce From Lows, Bitcoin Has One Key Level to Cross

Nick Chong
Nick Chong
1 year ago
2 mins read
Bitcoin

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Bitcoin has bounced over 10% from the lows set two weeks ago at around $9,800. The cryptocurrency, though, still has a crucial level to move above to confirm that a full-blown bullish reversal is in the works.

Related Reading: Ethereum Transaction Fees Surge to All-Time Highs After Uniswap Launch

Bitcoin Needs to Surmount This Pivotal Level to Confirm Upside

According to Edward “Teddy” Cleps, a crypto analyst and the founder of Yellow Block, Bitcoin must move above the $11,100 horizontal to confirm that the ongoing correction is a bullish reversal.

Cleps shared the chart below on September 20th, accentuating the importance of $11,100 to Bitcoin over recent weeks. As the chart indicates,  Bitcoin bounced multiple times at the $11,000 support during last month’s consolidation between $11,000-12,000. BTC managing to confirm that level as support will likely trigger a move towards $12,000.

Cleps explained more about the signifiance of that level when he wrote:

“Trend is bullish as long as it is above the purple box – this dump could be seen as a ‘higher low’. However, lambo season is above that line – let’s break it please.”

Image

Chart of BTC's price action over the past few months with analysis by crypto trader Edward "Teddy" Cleps (@Teddycleps on Twitter). Chart from TradingView.com
Related Reading: Critical On-Chain Signal Predicts That Bitcoin’s Next Move Will Be Upward

Other analysts have confirmed the importance of the resistances in $11,000-11,200 to Bitcoin’s medium-term bull case.

Another market commentator, referencing the chart seen below, said the following on the importance of that zone:

“Target / Major resistance finally hit, if you worried about price dropping from here and using leverage then close out your position and wait for this level to be flipped support… $11,200 is a key HTF level for flipping it will not be easy.”

Image

Chart of BTC's price action over the past two years with analysis by crypto trader Cactus (@TheCryptoCactus on Twitter). Chart from TradingView.com

Long-Term Trend Still Bullish: Willy Woo

Bitcoin’s long-term remains in a positive state despite any weakness in the near term, on-chain analysts say.

Willy Woo recently commented that Bitcoin’s macro Difficulty Ribbon metric is currently in a period of compression, which is a “reliable indicator of bullishness.”

Zooming out to the mid macro (months ahead), we’re in a really nice zone of Difficulty Ribbon compression, post halvening (red verticals), this is quite a reliable indicator of bullishness.

He added that there are other trends like a spike in on-chain BTC moved that suggests long-term upside is likely.

Related Reading: MicroStrategy’s Stock Continues to Soar After Bitcoin Purchase
Featured Image from Shutterstock
Price tags: xbtusd, btcusd, btcusdt
Charts from TradingView.com
Despite 10% Bounce From Lows, Bitcoin Has One Key Level to Cross
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Nick Chong
Nick Chong

Nick Chong

I am a writer who has been following Bitcoin for years now. My insights and interviews have been featured in leading publications in the industry such as LongHash and Decrypt. I own a small amount of Bitcoin.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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