Cryptocurrencies

Bitcoin on October 20, 2020

We return briefly to the 12,000 USD: should we prepare for an imminent bull run or another disappointing fakeout?

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Bitcoin (BTC) shines in the crypto markets as its younger siblings are in the red. Undress dollar to dress Bitcoin: one can not expect a totally naked dollar in the next few days, that would appeal to the bulls who would then aim for the 17,000 USD.

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Hello again the 12,000 USD!

Bitcoin made a foray above $ 12,000 today, October 20, 2020. The BTC broke above $ 12,030 before correcting. Bitcoin is trading at $ 11,952 as of this writing.

This is the 4th green candlestick for the BTC ; the problems ofOKEx that preceded his ascent are now a thing of the past.

Bitcoin has been enjoying a dollar in the red for 3 days now. Its correlation with S & P500 is weakening, a boon for the bulls who defend the idea of ​​a BTC as a safe haven.

The dominance of Bitcoin hit 60% for the first time since August; the BTC is in the green as major altcoins are currently facing significant selling pressure.

The last wall before $ 17,000

Michael van de Poppe shared today on Cointelegraph, his analyzes of this crossing of 12 000 USD.

He recalls that Bitcoin was able to protect the major support area of ​​$ 11,100 – $ 11,300. The BTC has entered the crucial resistance zone of $ 11,900 – $ 12,200 today.

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The BTC now needs to break through the $ 11,700 – $ 12,300, an area of ​​major resistance that has given the Bitcoin in the past. If the BTC manages to pass through this area, a rally towards USD 17,000 would then be possible.

If the dollar continues to lose points over the next few days, BTC could very well cross $ 12,300 quickly. Otherwise, experience has shown us that Bitcoin may very well correct itself and return to the major support level of $ 11,100 – $ 11,300, and it will take more than one try to break through the $ 11,700 – $ 11,300. There would be no failing another exchange to make its own right now to undo all this effort. Say hello to $ 12,000, followed by a long goodbye?

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