Once again, true to the nature of this purgatory phase in the crypto markets, Bitcoin (BTC) has been relatively flat over the past 24 hours. According to Coin Market Cap, the leading cryptocurrency is up a mere 0.25% in the past 24 hours — effectively nothing when you factor in this market’s often immense volatility.
Despite this non-action, there are some analysts saying that Bitcoin’s bullish momentum is building, and may thus be prepared to vault higher in the coming hours.
Bitcoin Ready for Launch?
According to a leading cryptocurrency analyst The Crypto Dog, who sports over 100,000 followers on Twitter, Bitcoin “looks like a launchpad.”
$BTC looks like a launchpad pic.twitter.com/Qzl07greUw
— The Crypto Dog📈 (@TheCryptoDog) November 2, 2019
Backing his quip, Dog looked to two resistance levels, which BTC has established over the past week. Recently, the cryptocurrency quietly broke above them, showing that the bulls are starting to gain control.
Indeed, the fact that BTC has managed to hold in the low-$9,000s for an extended period of time, despite the fact that it would make sense for Bitcoin to retrace further after last month’s historic 42% rally from $7,300 to $10,200, has been deemed bullish by a number of analysts.
Josh Olszewicz, an analyst at Brave New Coin, for instance, argued in a recent tweet that the alligator indicator, an indicator that uses three smoothed moving averages to determine trends, is starting to show that Bitcoin is building strength, having gone as far as to signal a long entry.
Olszewicz then noted that the cryptocurrency has recently broken above a triangle. The measured move of that breakout implies that Bitcoin will top in the $11,300 to $12,300 range, where the middle line of one of the analyst’s pitchfork channels lies.
Not everyone is convinced though. An analyst recently noted that Bitcoin’s Stochastic indicator, which is an oscillating “momentum indicator comparing a particular closing price of a security to a range of its prices over a certain period of time (Investopedia),” is showing that BTC is leaning bearish in the short run.
He noted that the indicator recently saw an array of bearish crossover on an array of time frames — the one-hour, two-hour, three-hour, four-hour, and even the one-day. The analyst quipped that this confluence is “alarming.”
Photo by Eduardo Velazco Guart on Unsplash