Top Crypto Exchange Unveils VIP Bitcoin Prospects (BTC) – Here’s What Traders Should Know

By July 12, 2020Bitcoin Business
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The American crypto exchange Kraken has just published a report for its VIP merchants to the public. The new outlook suggests that Bitcoin (BTC) could be on the verge of a major breakthrough that would finally end the two-year bear market.

The document follows the largest cryptocurrency movement inside a large bullish pennant since 2017. Kraken says Bitcoin is in a strong position to exit the pattern and trigger a new bullish cycle.

“Because Bitcoin has moved sideways for two months and remains at + 10% of breaking strength, many market players believe that Bitcoin should progress considerably. This belief is also based on the fact that the 50-week Bitcoin moving average continues to prove to be a foolproof medium. “

Source: Kraken

Before the bulls can claim control of the BTC market, Kraken says that breaking long-term diagonal resistance is only the first step.

“Before Bitcoin can confirm a successful breakthrough and invalidate what has been a multi-year macroeconomic downtrend, Bitcoin will have to climb above $ 10,500 to set a high and set off an uptrend. ”

But Kraken warns that the main cryptocurrency is not out of the woods yet. A decrease of 35% from the current price of around $ 9,255 is possible.

“Bitcoin will soon have to decide whether to break resistance and go into a bullish cycle or revise support at around $ 6,000 – $ 7,000. “

You can read the full report here.

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Image vedette: Shutterstock / Boris Rabtsevich

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