THELOGICALINDIAN - Bitcoin is currently in the action of breaking aloft its 16000 attrition akin which is proving to be somewhat difficult as buyers and sellers abide aggressive for ascendancy of this key level
If burst above, BTC could be positioned to see decidedly added assets in the canicule and weeks ahead.
One banker is now acquainted that abounding on-chain indicators are all suggesting that Bitcoin is assertive to assemblage in the canicule and weeks ahead.
However, he believes that the cryptocurrency’s 350-day EMA – which sits about $24,000 – will prove to be austere attrition and potentially atom a aciculate selloff.
Bitcoin Rallies Higher as Bulls Target $16,000
At the time of writing, Bitcoin is trading up aloof over 1% at its accepted amount of $15,950. Throughout the morning, beasts accept been aggravating to best $16,000, but the affairs burden actuality has accurate to be absolutely significant.
If alone here, BTC could face a able declivity that causes it to cut abysmal into its contempo gains.
A breach aloft this level, however, would be abundantly absolute and potentially advice barrage it appear beginning best highs.
On-Chain Analyst Claims Upside is Imminent
One on-chain analyst explained in a contempo cheep that he is targeting Bitcoin’s 350-day EMA as a akin at which BTC ability tap afore coast lower.
He added added in a after cheep that this akin sits about $22-24k, authoritative this his near-term upside target.
