“No break in market structure by my rules yet on the 1D. Close below $8529 and 1D flips bearish and the first target is $7.8k. Break back above $9.5k and I’m gunning for new highs > $10.5.’’
What the analysts say is that if Bitcoin is able to hold $9,500 on the notable time frame charts, after the $500 plunge, the bullish market structure will remain intact. Also, some are certain that the long-term outlook for bitcoin will remain bullish. One, in particular, believes that the cryptocurrency is ready for ‘’liftoff’’:
“Bitcoin weekly Heikin Ashi looks clear for liftoff.’’
Also, some say that the price of Bitcoin is on the road to $14,000 this week after we saw some flashing signs of bourgeoning technical strength in the time following its recent dip to lows of $8,100. From this point, we can see that the cryptocurrency has been able to incur a steady climb higher that has since allowed it to once again visit the $9,000 region. Some investors have speculated that BTC would see a post-halving selloff due to the hype that is surrounding this event. Bitcoin established a firm base above the $9,000 region since it plunged by 15 percent in the past three days to the $8,100 region.