If you’ve been following Bitcoin over the past few weeks, you’ll have noticed that it’s been ranging quite nicely.
This provided scalpers with a great opportunity to make a fair bit of cash as it ping-ponged between $10,580 and $9,938.
But now, Bitcoin has managed 5 separate 4-hour closes above $10,580 and is now using it as support.
This indicated a bullish movement upwards is about to happen.
$11k, Here We Come!
The excitement we have for Bitcoin hitting $11k might seem a little crazy to you, but after just over a week ranging, we’re just happy to see something happen.
Bitcoin managed 4 closes over $10,580, before a testing that level once more as a new support zone.
Fortunately, the support held, creating an indicator that there’s enough momentum in Bitcoin to keep the market going up.
Our first price target is $11,100, and if things go well, we could even see that hit nicely before the week is out.
This would set up a push on towards the top end of $11k for the end of September, lending further hope towards our calls for a $19k BTC come January.
Will Miners Kill the Move?
Once bitten, twice shy is the saying, and we can’t blame you for feeling this way after a major miner capitulation killed off the last push on towards $14k.
But, if everything goes well and the miners decide not to be complete idiots and sell of insane stacks, then we should be on course for a hefty climb over the next few weeks.
It’s unlikely that miners will sell massive tranches once more as they tend to do this in quarterly patterns.
If there’s any sign of miner capitulation, then we recommend getting out of BTC as fast as you can and into a stablecoin to protect you in case the worst happens.
As we already stated, it’s very unlikely that this will happen on this next push up, but stranger things have happened.
What’s Next for Bitcoin?
The support at the top end of the range level is holding nicely, and as long as Bitcoin doesn’t try to test it too much before climbing up to $11k, then we should be good for $11.1k.
As long as there’s no miner capitulation or whale activity manipulating the market, the signs for Bitcoin carrying on its nice run from August are looking good.
The Fear and Greed index is currently plonked at 43, which is on the fear side of the middle ground.
If history has taught us anything, it tends to stall around 35-55 and then push on up towards the higher end of the scale.
If this plays out again, it will support our theory for a nice push up to $11k and beyond.
If you’re looking to trade the Fear and Greed index, our best advice is to do the opposite of what it’s saying people are doing.
If it’s on extreme fear, buy. On the other hand, sell when it’s at extreme greed. It’s a strategy that weirdly works.
All eyes are on the charts. As long as we done break the support at $10,580 then we’re looking good for $11,000!