{"id":36508,"date":"2022-11-28T15:58:23","date_gmt":"2022-11-28T15:58:23","guid":{"rendered":"https:\/\/egrowonline.com\/?p=36508"},"modified":"2022-11-28T15:58:23","modified_gmt":"2022-11-28T15:58:23","slug":"bitcoin-will-teleport-to-14k-or-worse-if-btc-breaks-16k-analyst","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=36508","title":{"rendered":"Bitcoin will ‘teleport’ to $14K or worse if BTC breaks $16K \u2014 analyst"},"content":{"rendered":"


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Bitcoin (BTC<\/a>) hovered above $16,000 on the Nov. 28 Wall Street open as analysts diverged on the next market move.<\/p>\n

BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView<\/em><\/figcaption><\/figure>\n

Bitcoin spot price near key support<\/h2>\n

Data from Cointelegraph Markets Pro<\/a> and TradingView<\/a> showed\u00a0BTC\/USD maintaining the $16,000 support level at the time of writing amid misgivings over China\u2019s impact on risk assets.<\/p>\n

After a modestly higher weekly close, the pair still lacked volatility as one commentator warned<\/a> of a \u201cteleport\u201d toward $12,000 should $16,000 break.<\/p>\n

\u201cWhen it breaks below 16k, it teleports to 12k-14k,\u201d Il Capo of Crypto insisted.<\/p>\n

Popular Twitter account Credible Crypto queried<\/a> where the volatility had gone, while Crypto Tony likewise identified $16,000 as a line in the sand for his own trading strategy.<\/p>\n

\u201cFinally some movement .. Stop loss firmly remains at $16,000, but will close if hit and look for shorts if we then proceed to close below the support zone and flip into resistance,\u201d part of a tweet read<\/a> on the day. <\/p>\n

BTC\/USD annotated chart. Source: Crypto Tony\/ Twitter<\/em><\/figcaption><\/figure>\n

Fellow trader Pentoshi meanwhile focused on macro triggers as China anti-COVID protests weighed on sentiment. <\/p>\n

The S&P 500, he predicted<\/a>, was due a rejection next, setting the tone for a long-term downtrend to continue.<\/p>\n

S&P 500 1-week candle chart. Source: TradingView<\/em><\/figcaption><\/figure>\n

$19,500 could become new BTC price ceiling<\/h2>\n

Others drew attention to the upcoming monthly close amid a lack of catalysts elsewhere at the start of the week.<\/p>\n

Related: <\/em><\/strong>New BTC miner capitulation? 5 things to know in Bitcoin this week<\/em><\/strong><\/a><\/p>\n

Beyond a source of potential volatility, trader and analyst Rekt Capital noted that Bitcoin\u2019s monthly closing price would determine its longer-term price range.<\/p>\n

\u201cWhen BTC lost the ~$19500 level as support… It broke down into the ~$13900-$19500 Monthly Range,\u201d he explained<\/a> on the day. <\/p>\n

\u201cMonthly Candle Close is coming up soon. A Monthly Close below ~$19500 would likely confirm the ~$13900-$19500 Range as its new playground.\u201d<\/p><\/blockquote>\n

BTC\/USD annotated chart. Source: Rekt Capital\/ Twitter<\/em><\/figcaption><\/figure>\n

BTC\/USD was down around 21%<\/a> for the month of November at the time of writing, marking its worst November performance since its last bear market year in 2018. <\/p>\n

BTC\/USD monthly returns chart (screenshot). Source: Coinglass<\/em><\/figcaption><\/figure>\n

Cointelegraph previously outlined<\/a> potential bottom targets for the pair, among them those based on performance during previous bear markets.<\/p>\n

The views, thoughts and opinions expressed here are the authors\u2019 alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.\n<\/p>\n<\/div>\n


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Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin (BTC) hovered above $16,000 on the Nov. 28 Wall Street open as analysts diverged on the next market move. BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView Bitcoin spot price near key support Data from Cointelegraph Markets Pro and TradingView showed\u00a0BTC\/USD maintaining the $16,000 support level at the time of writing amid misgivings over China\u2019s […]<\/p>\n","protected":false},"author":1,"featured_media":36509,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[37],"tags":[8636,12148,646,50,2236,194,9324,4301],"class_list":["post-36508","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","tag-14k","tag-16k","tag-analyst","tag-bitcoin","tag-breaks","tag-btc","tag-teleport","tag-worse"],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"http:\/\/egrowonline.com\/wp-content\/uploads\/2022\/11\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMTEvOTcwNWUzMDItY2Y1Yi00YmQ3LTg1NjctNzNmOGE5YmYyNmUzLmpwZw.jpg","_links":{"self":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/36508","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=36508"}],"version-history":[{"count":1,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/36508\/revisions"}],"predecessor-version":[{"id":36510,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/36508\/revisions\/36510"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/media\/36509"}],"wp:attachment":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=36508"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=36508"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=36508"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}