Bitcoin has been eating up multi-year resistance levels like Pacman on an amphetamine-induced rampage lately, smashing through $11,300, then $12,400 then $13,100 before being rejected around the $14,000 level.
Well the BTC dominance has been on a massive rip since September, suggesting that altcoins are being sold off to pile into Bitcoin to push past this last major level of resistance.
The 4-hour chart for BTC market cap dominance shows that it's currently resting around 64.8% with very little resistance between 67.80%, representing a 4.44% increase and 68.98%, representing a 6.34% increase.
If that figure shows its face again, I think the "Marines" will start to lose their love for their beloved LINK as a price of $6.50 looks more likely by the day based on previous support and resistance levels.
If we cast our minds back to what happened to Bitcoin at $20K, it's taken a good three years to start to return to those levels.
Should Ether lose the lower channel support, I'd expect there to be support at $350 and $310, which represents the 0.236 and full fib retracement levels that are shown below.
Upper-level resistance around $14,400 - this is the level that needs to be broken out of, from here $17k Bitcoin starts to feel tangible.
Mid-level resistance around $13,800 - breaking out above this level puts the upper-level resistance as the next target.
Lower channel support - this level is likely to hold based on orderbook heatmap data.
The picture for the ascending channel is supported by orderbook heatmap data from Binance, showing a triple layer buy-wall at the lower channel support level, followed by some weaker sell-walls at the mid-level resistance level and upper resistance levels of $13,800 and $14,000, respectively.
Can Bitcoin hit $17K next? Watch these 3 key BTC price levels
Veröffentlicht auf Nov 3, 2020
by Cointele | Veröffentlicht auf Coinage
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