Bitcoin Upside Inbound?
On Friday, Bitcoin was relatively flat. While the cryptocurrency briefly fell under $8,250, BTC’s price currently sits at $8,400. Altcoins have followed suit, with a majority barely moving over the past 24 hours.
Despite this non-action, the charts are purportedly bullish. Extremely bullish by some standards.
Analyst CryptoHamster recently remarked that Bitcoin’s one-day chart has printed an extremely positive technical signal that will please bulls — the Moving Average Convergence Divergence (MACD), a lagging trend-momentum indicator, has crossed into the green after a precipitous drop to oversold levels.
— CryptoHamster (@CryptoHamsterIO) October 11, 2019
To add to the bullish narrative, the abovementioned analyst added that the spurts of price growth “usually occur after Bitcoin goes above the Bollinger Band base line.” Recently, the cryptocurrency moved above this key support/resistance level, retaking ~$8,200.
This hints that the cryptocurrency has a good probability to trend bullish over the next few weeks.
Not Only Strong Sign
Although $12,000 sure sounds lofty, there are a number of other technical indicators and chart patterns hinting that Bitcoin has bottomed and is poised to retake five figures.
1. Starting to look a lot like Wyckoff Accumulation. If this current pullback creates a higher low above $8,000 then I would consider it confirmed.
— Financial Survivalism (@Sawcruhteez) October 8, 2019
Separately, analysts have suggested that Bitcoin’s current price action still looks much like the bottoming price action in December of 2018 to March of this year. This fractal predicts that in the coming week or two, the cryptocurrency market will begin to shoot higher again to retake $10,000 and other key price levels after that.
— Heavy (@SatoshiiHeavy) October 11, 2019
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