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Is Bitcoin going to $8.4k next ?

Is Bitcoin going to $8.4k next?

As Bitcoin continues to stay above $5000 for the time being, many analysts are making predictions about where it might head next. Twitter user @KingThies claims that BTC could test the $8400 level within the next few weeks.
Bitcoin (BTC) - $5,196.80
Image from Gyazo
The BTC price is currently sitting just below $5200, which is roughly the highest level that it tested before dropping back down to $4900 a few days ago. 
According to this analyst, a new support has been found at around $4.7k, which may well be tested soon. Below this, there is also the $4.3k level that Bitcoin was hovering around for many months before this week's spike.
View image on TwitterView image on TwitterView image on Twitter

Quick thoughts

-Supports @ $4.7k & $4.3k
-Resistances @ $5.5k, $5.7k, $6.6k,$8.4k

-Confident we touch at least $4.7k again but I see an attempt upwards first

-1wk BB Sqz + 2wk candle breaking above midBB suggests macro move to upper BB on 2wk @ $8.4k due in coming weeks
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A number of resistances above the current level are also identified, with $8400 being a particularly important one. The last time the price saw this point was in May 2018, on the way down from a $9.8k high before levelling out around $6k for most of 2018.
Image from Gyazo
@KingThies's analysis suggests that the $8.4 resistance could be tested within the next 2 weeks.


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