{"id":87573,"date":"2020-10-12T21:37:00","date_gmt":"2020-10-12T18:37:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/17k-bitcoin-price-a-real-possibility-if-bulls-flip-12k-to-support\/"},"modified":"2020-10-12T21:37:00","modified_gmt":"2020-10-12T18:37:00","slug":"17k-bitcoin-price-a-real-possibility-if-bulls-flip-12k-to-support","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/17k-bitcoin-price-a-real-possibility-if-bulls-flip-12k-to-support\/","title":{"rendered":"# $17K Bitcoin price a real possibility if bulls flip $12K to support"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a41a2aee94b6\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a41a2aee94b6\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/17k-bitcoin-price-a-real-possibility-if-bulls-flip-12k-to-support\/#Bitcoin_faces_crucial_resistance_overhead\" >Bitcoin faces crucial resistance overhead<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/17k-bitcoin-price-a-real-possibility-if-bulls-flip-12k-to-support\/#Range-bound_constructions_are_likely_at_the_beginning_of_a_bull_cycle\" >Range-bound constructions are likely at the beginning of a bull cycle<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/17k-bitcoin-price-a-real-possibility-if-bulls-flip-12k-to-support\/#A_possible_scenario_for_Bitcoin\" >A possible scenario for Bitcoin<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># $17K Bitcoin price a real possibility if bulls flip $12K to support <\/strong>&#8221;<\/p>\n<div data-v-17f60ba6=\"\">\n<p dir=\"ltr\">Bitcoin (BTC) price had been acting inside a narrow range for the last few weeks but the momentum and trend shifted as a bullish breakout occurred on the announcement that Square had allocated 1% of its cash reserves to BTC.<\/p>\n<p dir=\"ltr\">This bullish breakout even caused the price to rally from $10,600 to $11,500, which is almost $1,000 in a few days.<\/p>\n<p dir=\"ltr\">Despite this strong upside move, traders are still cautious as they are unsure whether the bullish momentum is back or if this is just a temporary blip.<\/p>\n<h2 dir=\"ltr\"><span class=\"ez-toc-section\" id=\"Bitcoin_faces_crucial_resistance_overhead\"><\/span>Bitcoin faces crucial resistance overhead<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p dir=\"ltr\"><img loading=\"lazy\" decoding=\"async\" width=\"512\" height=\"238\" alt=\"BTC\/USD 1-day chart. Source: TradingView\" src=\"https:\/\/s3.cointelegraph.com\/storage\/uploads\/view\/1fa91617dc472e32df555a118be5058b.png\" title=\"BTC\/USD 1-day chart. Source: TradingView\"\/><\/p>\n<p style=\"text-align: center;\"><em>BTC\/USD 1-day chart. Source: <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/x\/barSVvlm\/\">TradingView<\/a><\/em><\/p>\n<p dir=\"ltr\">The daily chart of Bitcoin is showing a clear upward move toward the upper range resistance. The critical factor to watch is whether the $12,000-$12,400 resistance zone breaks as that would imply another impulse wave is on the horizon.<\/p>\n<p dir=\"ltr\">While most investors were expecting further movement to the downside, the complete opposite h<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ened. In the past week several negative <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">news<\/a> items surfaced but none of these impacted the price of Bitcoin.<\/p>\n<p dir=\"ltr\">However, what did move the market was the announcement of a $50 million allocation from Square. Shortly after the news, the triangle broke out to the upside and rallied right through the $11,100 resistance zone.<\/p>\n<p dir=\"ltr\"><img loading=\"lazy\" decoding=\"async\" width=\"1600\" height=\"745\" alt=\"BTC\/USD 6-hour chart. Source: TradingView\" src=\"https:\/\/s3.cointelegraph.com\/storage\/uploads\/view\/0136da88201f663786e29d6e7721df68.png\" title=\"BTC\/USD 6-hour chart. Source: TradingView\"\/><\/p>\n<p style=\"text-align: center;\"><em>BTC\/USD 6-hour chart. Source: <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/x\/WNiInXAr\/\">TradingView<\/a><\/em><\/p>\n<p dir=\"ltr\">This led to a strong bullish reaction across the crypto markets. A more decisive move to watch for would be a clear breakout of the current range-bound structure and this would occur if the price can push above $12,000.<\/p>\n<p dir=\"ltr\">Such a breakout seems unlikely to occur in the short term as Bitcoin\u2019s price is approaching the resistance zone in one go.<\/p>\n<h2 dir=\"ltr\"><span class=\"ez-toc-section\" id=\"Range-bound_constructions_are_likely_at_the_beginning_of_a_bull_cycle\"><\/span>Range-bound constructions are likely at the beginning of a bull cycle<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p dir=\"ltr\">The current movements can be compared with the start of the previous bull cycle at the beginning of 2016.<\/p>\n<p dir=\"ltr\"><img loading=\"lazy\" decoding=\"async\" width=\"1600\" height=\"745\" alt=\"BTC\/USD 1-day chart. Source: TradingView\" src=\"https:\/\/s3.cointelegraph.com\/storage\/uploads\/view\/cb78778ae093492e5661530217a51012.png\" title=\"BTC\/USD 1-day chart. Source: TradingView\"\/><\/p>\n<p style=\"text-align: center;\"><em>BTC\/USD 1-day chart. Source: <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/x\/FDVcypos\/\">TradingView<\/a><\/em><\/p>\n<p dir=\"ltr\">During the start of the previous bull cycle, similar movements were seen. It\u2019s before the parabolic moves occur, through which the period can be defined as boring.<\/p>\n<p dir=\"ltr\">In 2015 and 2016, a period of six months was defined by range-bound construction before a breakout happened.<\/p>\n<p dir=\"ltr\">During these constructions, previous resistances were confirmed as support, after which a dull sideways period continued to occur.<\/p>\n<p dir=\"ltr\"><img loading=\"lazy\" decoding=\"async\" width=\"1600\" height=\"745\" alt=\"BTC\/USD 1-day chart. Source: TradingView\" src=\"https:\/\/s3.cointelegraph.com\/storage\/uploads\/view\/09b7bffa7759bc47365161ac8195ac33.png\" title=\"BTC\/USD 1-day chart. Source: TradingView\"\/><\/p>\n<p style=\"text-align: center;\"><em>BTC\/USD 1-day chart. Source: <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/x\/9AJ6GgMv\/\">TradingView<\/a><\/em><\/p>\n<p dir=\"ltr\">As the chart shows, the previous resistance zone at $10,000 was tested for confirmation, and this is exactly what occurred.<\/p>\n<p dir=\"ltr\">This confirmation led towards a bounce, just as the previous days have shown. The critical level to break for further bullish momentum is the $12,000 resistance zone.<\/p>\n<p dir=\"ltr\">However, as the current construction is similar to the movements in 2016, a breakout could take a while to occur.<\/p>\n<p dir=\"ltr\">In such a way, if the breakout above $12,000 happens, a bullish move towards $17,000 is very much on the horizon. The area around $17,000 is the next central pivot, and final hurdle before new all-time highs can occur.<\/p>\n<h2 dir=\"ltr\"><span class=\"ez-toc-section\" id=\"A_possible_scenario_for_Bitcoin\"><\/span>A possible scenario for Bitcoin<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p dir=\"ltr\"><img loading=\"lazy\" decoding=\"async\" width=\"1600\" height=\"745\" alt=\"BTC\/USD 1-day chart. Source: TradingView\" src=\"https:\/\/s3.cointelegraph.com\/storage\/uploads\/view\/01fc7367f6db003d298b5d30c27b6e6b.png\" title=\"BTC\/USD 1-day chart. Source: TradingView\"\/><\/p>\n<p style=\"text-align: center;\"><em>BTC\/USD 1-day chart. Source: <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/x\/TDDJvw1V\/\">TradingView<\/a><\/em><\/p>\n<p dir=\"ltr\">A very likely scenario is the continuation of the range-bound movements, as discussed primarily in this article.<\/p>\n<p dir=\"ltr\">In that sense, the upper resistance zone is found between $12,000-$12,400. A breakout is unlikely to occur in one-go, meaning a retest of lower levels is on the tables.<\/p>\n<p dir=\"ltr\">What is the crucial area to hold for further continuation? That\u2019s found at the trendline, but similar with the support level shown in the next chart.<\/p>\n<p dir=\"ltr\"><img loading=\"lazy\" decoding=\"async\" width=\"1600\" height=\"745\" alt=\"BTC\/USD 1-day chart. Source: TradingView\" src=\"https:\/\/s3.cointelegraph.com\/storage\/uploads\/view\/045052bfa8bc0d2090b705614701acc2.png\" title=\"BTC\/USD 1-day chart. Source: TradingView\"\/><\/p>\n<p style=\"text-align: center;\"><em>BTC\/USD 1-day chart. Source: <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/x\/wcPJas17\/\">TradingView<\/a><\/em><\/p>\n<p dir=\"ltr\">The upper green zone between $10,600 and $10,850 is crucial to hold. If this level holds and the scenario continues to develop from here, the bull market is still on fire.<\/p>\n<p dir=\"ltr\">As discussed previously, a breakout above $12,000 would mean a big impulse wave to the upside and the potential continuation towards a new all-time high.<\/p>\n<p><span style=\"font-size:11px;\"><em>The views and opinions expressed here are solely those of the <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/twitter.com\/cryptomichnl?lang=en\">author<\/a> and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.<\/em><\/span>\n<\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener noreferrer\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more News articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener noreferrer\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/17k-bitcoin-price-a-real-possibility-if-bulls-flip-12k-to-support\" target=\"_blank\" rel=\"noopener noreferrer\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# $17K Bitcoin price a real possibility if bulls flip $12K to support &#8221; Bitcoin (BTC) price had been acting inside a narrow range for the last few weeks but the momentum and trend shifted as a bullish breakout occurred on the announcement that Square had allocated 1% of its cash reserves to BTC. This&#8230;<\/p>\n","protected":false},"author":1,"featured_media":87574,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/s3.cointelegraph.com\/storage\/uploads\/view\/ebb7585e603dee59dd23a7d8e3930adc.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74937,74939,73785],"class_list":["post-87573","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-price","tag-market-analysis","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/87573","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=87573"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/87573\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/87574"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=87573"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=87573"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=87573"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}