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24 October 2020

Will the dollar’s weakness result in Bitcoin finally breaking $12,000?

Will the dollar’s weakness result in Bitcoin finally breaking $12,000?

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By analyzing the correlation, such momentum and conclusion can also be drawn with Bitcoin (BTC) and the USD.

However, to sustain the bullish momentum, support has to hold at this $11,000-11,200 area for a test of the $12,000 resistance area to occur.

The weekly chart of Bitcoin is showing the significance of the $12,000 resistance level.

However, the breakthrough of the $18 level resulted in a massive move with the rally continuing toward $30, a 60% increase since the breakout.

Therefore, a breakthrough of the $12,000 barrier should result in a massive move for Bitcoin as well as the first big hurdle is found between $16,500-17,500.

Such a move would result in almost 50% as well.

Dollar resulted in a rally around the commodity markets, this would also benefit any momentum in Bitcoin in the coming years.

This momentum is often classified as “opting out of the system’” by Bitcoin believers.

The most likely scenario would be a continued range-bound structure with some further tests at lower levels.

Long, sideways constructions were building up momentum, after which a big impulse move occurred towards the next resistance level.

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