Bitcoin price analysis: Break of $6,000 or breakout to $12,000?
|- BTC nearing a point of breaking out on the long term.
- Falling wedge suggests, it should be upside breakout.
Bitcoin, the largest cryptocurrency by market capitalisation and defacto King of the crypto world, has been trading in a broad range of $6,000-$7,000 for past many weeks and is now reaching a point where it is potentially make or break for the bulls.
BTC/USD is down one cent of a percent at $6,185 in less than one percent range for the day, in a sign of lower weekend volatility. After falling from the upper end of the range, which is also a descending trendline resistance, BTC is now heading towards lower end of it - around $5,900.
This wedge formation, although has failed many times in the past, could be one positive trigger that the bulls were searching for. If bulls manage to bounce from the lower end of this range, then the next move on the upside should result into a breakout with potential targets of beyond $12,000 in the next few months.
BTC/USD daily chart:
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.