75% Chance Bitcoin Breaks Bullish Towards $12K, Analyst Asserts

2020 10 19 12.39.22 980x423

There is a 75 percent possibility that Bitcoin breaks bullish out of its ongoing consolidation pattern. According to independent analyst Vince Prince, the benchmark cryptocurrency is making “marginal” upside movements in an Ascending Channel structure. That has left it with two possible outcomes. First, Bitcoin consolidates inside the Channel while breaking below the “Ascending Trendline”; Second, it stays above the Trendline and later breaks out of the range altogether. Bitcoin trade setup on an hourly timeframe, as presented by Vince Prince. Source: BTCUSD on TradingView.com Mr. Prince favored the second outcome. He denoted each of the cryptocurrency’s price reversal points with an alphabet. Therefore, the term ‘A’ represents the first pullback from the Ascending Channel resistance. The next rebound from the Channel Support is ‘B,’ while the third and the latest upside withdrawal comes from ‘C.’ Amid the so-called ABC-wave, he placed a 100-hour moving average supporting the ongoing upside…

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