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Can Bitcoin hit $17K next? Watch these 3 key BTC price levels

Can Bitcoin hit $17K next? Watch these 3 key BTC price levels

Bitcoin (BTC) has been on a tear and there’s no escaping it. However the majority of high-cap altcoins are seemingly struggling by the hands of this bull run, resulting in the query: have we had our altseason already? Is it over or is there extra to come back?

Multi-year resistance ranges

BTC/USD 12-hour chart. Supply: TradingView 

Bitcoin has been consuming up multi-year resistance ranges like Pacman on an amphetamine-induced rampage these days, smashing by means of $11,300, then $12,400 then $13,100 earlier than being rejected across the $14,000 stage.  

After $14,400 there isn’t a lot in the best way of resistance till $17Ok earlier than a brand new all-time excessive might be printed for the king of cryptos. However the query is can Bitcoin run out of steam?  

Properly the BTC dominance has been on an enormous rip since September, suggesting that altcoins are being bought off to pile into Bitcoin to push previous this final main stage of resistance.  

Market cap Bitcoin dominance 4-hour chart

Market cap Bitcoin dominance 4-hour chart. Supply: Tradingview 

The 4-hour chart for BTC market cap dominance exhibits that it’s presently resting round 64.8% with little or no resistance between 67.80%, representing a 4.44% enhance and 68.98%, representing a 6.34% enhance.

These numbers could seem small, however the antagonistic impact this has on main altcoins is crippling bag holders of a number of the hottest tasks within the house.  

Chainlink about to plunge again into single digits

LINK 1-day chart

LINK 1-day chart. Supply: TradingView 

It was only some months in the past that individuals had been cheering for Zeus Capital to get liquidated in a $20m brief when LINK was buying and selling beneath $10. The value pulled the same stunt to Bitcoin in December 2017 by rocketing previous the anticipated $10 worth and overshooting all the best way as much as $20 earlier than correcting.  

The latest bounce worth for LINK was round $7.50. If that determine exhibits its face once more, I believe the “marines” will begin to lose their love for his or her beloved LINK as a worth of $6.50 appears extra seemingly by the day based mostly on earlier help and resistance ranges. 

The whales are seemingly within the know too, as 400,000 LINK was despatched to Binance earlier as we speak.

If we forged our minds again to what occurred to Bitcoin at $20Ok, it is taken an excellent three years to begin to return to these ranges. So the sensible cash might be piling out of cash like LINK to load up on Bitcoin earlier than the following huge leg up. 

I’ll be watching this carefully to see the place it bottoms. However for now, it appears one other massive altcoin might have already achieved so, which might pave the best way. 

ETH worth might have bottomed 

ETH 4-hour chart

ETH 4-hour chart. Supply: TradingView 

I’ve seen lots of people calling for $300 ETH within the brief time period, however I personally don’t see it. Actually, it appears Ether has continued to print larger lows for the reason that finish of August and has been ranging properly in an ascending channel.  

The help of the channel has remained intact for a number of months and held at $370 after its rejection at $400. Ought to this sample proceed and break previous the mid-level resistance round $400, then I anticipate a transparent run to $440 within the close to time period.  

Ought to Ether lose the decrease channel help, I’d anticipate there to be help at $350 and $310, which represents the 0.236 and full fib retracement ranges which are proven beneath.

ETH 4-hour chart

ETH 4-hour chart. Supply: TradingView 

three key ranges to observe for a Bitcoin breakout 

BTC/USD 1-hour chart

BTC/USD 1-hour chart. Supply: TradingView

Just like Ether, Bitcoin can also be presently trending within the decrease a part of an ascending channel with three ranges to pay attention to: 

  1. Higher-level resistance round $14,400 — that is the extent that must be damaged out of, from right here $17ok Bitcoin begins to really feel tangible. 
  2. Mid-level resistance round $13,800 (close to present spot worth) — breaking out above this stage places the upper-level resistance as the following goal. Breaking down beneath it places the decrease channel help as the following goal. 
  3. Decrease channel help — this stage is prone to maintain based mostly on orderbook heatmap knowledge. Nevertheless, ought to the orders vanish earlier than they hit, then an extra breakdown might happen. Offering this doesn’t occur, longing round $13,300 can be an excellent entry for a possible breakout. 

BTC/USDT 1-hour heatmap chart

BTC/USDT 1-hour heatmap chart. Supply: Tensorcharts

The image for the ascending channel is supported by orderbook heatmap knowledge from Binance, exhibiting a triple layer buy-wall on the decrease channel help stage, adopted by some weaker sell-walls on the mid-level resistance stage and higher resistance ranges of $13,800 and $14,000, respectively.  

What considerations me about this knowledge is that I’ve seen a giant triple block on a heatmap earlier than, and it vanished because it was hit, tricking knife-catchers into longing what appears like stable help when the truth is there’s layered purchase partitions all the best way all the way down to $12,800.  

If I had been a whale, I might in all probability be taking part in the same recreation of casting uncertainty to afford me time to unload my heavy luggage of altcoins into BTC, and the final 48 hours there’s been a whole lot of heavy luggage flagging up on whale alerts suggesting that this might very nicely be taking place. 

This consists of the $400m in Tether flowing to Huobi. One thing is brewing, and I’d prefer to assume it’s bullish for Bitcoin. 

The bearish situation for Bitcoin

I totally anticipate Bitcoin to drag again to round $13,300 within the very brief time period. If this stage fails to carry, the final stage of significant help I might anticipate to see is $12,800.   Ought to we lose $12,800, I might look to reevaluate my bias from bullish to bearish. 

The bullish situation for Bitcoin 

Closing above the mid-level resistance of round $13,800 can be thought-about bullish. From right here, the final stage of resistance to clear can be that $14,400 space to verify that we’re going to $17,000 very quickly.   

The views and opinions expressed listed below are solely these of @officiallykeith and don’t essentially replicate the views of Cointelegraph. Each funding and buying and selling transfer entails danger. It’s best to conduct your individual analysis when making a call.


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