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Bitcoin (BTC) Price Reaches 'Local Low', $11,000 Possible

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Mon, 02/17/2020 - 14:48
Vladislav Sopov
The Bitcoin (BTC) price has started a new week with a new fall, trading close to a 10-day-low. However, some traders are seeing signs of an upcoming bullish reversal.
Cover image via www.shutterstock.com
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Crypto trader, analyst and commentator @KingThies announced that the Bitcoin (BTC) price has reached the local bottom and is ready for another growth period.

Two indicators of a 'local low'

Three hours ago Mr. KingThies detected that there were two signals for a bullish U-turn by the falling Bitcoin (BTC) price. Firstly, he noticed the Bollinger Bands Width Squeeze.

Image via Twitter

In technical analysis, this indicator is utilized to show the positive and negative fluctuations of the price below or above the moving average. Thus, it demonstrates the magnitude and frequency of price changes.

Also, two lines of the KDJ indicator are crossing each other, which may mean a switch to a 'buy' zone.

$11K as a reasonable target

The analyst supposes that the Bitcoin (BTC) price reached the 'local low' point somewhere near the $9,600 level. As a result, we may prepare ourselves for an easy walk towards $11,000.

Image via Twitter

By the way, if the 'local low' level is broken, the Bitcoin (BTC) price may fall to $8,800.

It's interesting that Dutch crypto trader and analyst Michael van de Poppe has come out with a similar prediction. According to him, the $9,450-9,500 zone is very important for Bitcoin (BTC) bulls to hold. If they succeed, the $11,600 level is in the cards. In case they fail, markets should brace themselves for a three-week-low at $8,750.

About the author

 Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockhain. Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)

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