Veteran Strategist Sees Bitcoin Back at $12K as Powell’s Speech Nears

hah4cDok 980x580

A veteran market strategist expects Bitcoin to hit $12,000 even as the cryptocurrency looks uncertain ahead of the annual Jackson Hole meeting on Thursday. Mark Principato, the founder of New York-based Seeking Cryptos, said BTC/USD is setting up for “a new swing trade long off of today’s inside bar.” The analyst was seemingly referring to the pair’s consolidation area between $11,120-support and $11,700-resistance. Bitcoin is trending sideways inside the $11,100-$11,700 range. Source: “It is a tricky area, but IF the 11,700s trade, a squeeze to 12K is within reason,” said Mr. Principato. “If 11K gets taken out instead, then we are looking for the 10,500 area to show support.” The statement followed Bitcoin’s repeated attempts to maintain its close above $12,000. The cryptocurrency this week corrected lower towards $11,120 on short-term profit-taking sentiment but found adequate buying pressure near the said intraday low level. As a result, the price…

Read the original article here