{"id":419820,"date":"2020-04-02T17:50:52","date_gmt":"2020-04-02T17:50:52","guid":{"rendered":"https:\/\/wncen.com\/?p=419820"},"modified":"2024-06-11T13:47:06","modified_gmt":"2024-06-11T13:47:06","slug":"veteran-trader-bitcoin-to-target-8400-after-posting-big-time-bull-break","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/veteran-trader-bitcoin-to-target-8400-after-posting-big-time-bull-break\/","title":{"rendered":"Veteran Trader: Bitcoin to Target $8,400 After Posting \u201cBig Time Bull Break\u201d"},"content":{"rendered":"
In a jarring early-morning movement, Bitcoin blew past the resistance it was previously facing within the upper-$6,000 region, with this rally allowing bulls to significantly bolster their near-term technical situation.<\/p>\n
Analysts are now widely noting that the strength of this movement is likely to lead it significantly higher, with short positions getting punished.<\/p>\n
One prominent veteran trader is now noting that he believes Bitcoin is poised to rally all the way towards $8,400 in the near-term, as it just confirmed a highly bullish technical pattern.<\/p>\n
At the time of writing, Bitcoin<\/a> is trading up just under 13% at its current price<\/a> of $7,020, which marks a notable climb from daily lows of $6,200 that were set during its bout of sideways trading within the lower-$6,000 region.<\/p>\n Analysts are now widely noting that Bitcoin is well positioned to see a continuance of the upside that was catalyzed by this movement, with Big Cheds \u2013 a popular cryptocurrency analyst \u2013 categorizing this move as a \u201cbig time bull break\u201d that is punishing shorts.<\/p>\n \u201cBitcoin daily chart – Big time bull break. Shorters getting punished,\u201d he noted.<\/p><\/blockquote>\n $BTC<\/a> #Bitcoin<\/a> daily chart – Big time bull break. Shorters getting punished https:\/\/t.co\/tVaa9TQFJV<\/a> pic.twitter.com\/x05dm8oKzX<\/a><\/p>\n — Cheds (Trading Quotes) (@BigCheds) April 2, 2020<\/a><\/p><\/blockquote>\n\n