Crypto News

Chart Analyst Believes Bitcoin Price Could Reach $21,000

  • A chartist at TradingShot believes Bitcoin could work its way towards $20,000 in the coming sessions, writing that the benchmark cryptocurrency anticipates undergoing a strong rebound move after testing a short-term support trendline.
  • The trendline serves as a part of an Ascending Channel formation, forming a sequence of higher highs and higher lows.
  • Bitcoin’s price anticipatedly pulled back after testing the Ascending Channel’s lower trendline, partially validating the analyst’s call of Bitcoin extending its upside move towards the upper trendline, which sits near $21,000.
  • The Bitcoin analyst also spotted a newly-developed Descending Channel pattern that could overshadow his bullish outlook.
  • The Channel appears as a part of an inverse head and shoulder pattern, with the previous retest of the Ascending Channel support acting as the IH&S bottom, separating two upper trendline retests that serve as the right and the left shoulder.
  • Read the full story here

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Corey Hansford

Corey has been involved in media and writing since graduating from the illustrious Howard University with a degree in Broadcast Journalism. While relatively new to the cryptocurrency world, he has been writing since 2012 with most contributions coming in the sports world on websites such as LakersNation.com and DodgerBlue.com. Corey is also an avid sports fan who closely follows the Lakers, Cowboys, Dodgers, WWE, and UFC.

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