{"id":58084,"date":"2019-11-13T10:28:32","date_gmt":"2019-11-13T08:28:32","guid":{"rendered":"https:\/\/en.ethereumworldnews.com\/?p=58084"},"modified":"2019-11-13T10:28:32","modified_gmt":"2019-11-13T08:28:32","slug":"bitcoin-price-pump-10500-not-trend-reversal","status":"publish","type":"post","link":"https:\/\/en.ethereumworldnews.com\/bitcoin-price-pump-10500-not-trend-reversal\/","title":{"rendered":"40% Bitcoin Price Pump to $10,500 Was Not a Trend Reversal: Analyst"},"content":{"rendered":"

Late last month, Bitcoin (BTC) caught traders across the industry with their pants down: in a day’s time, the leading cryptocurrency had pumped by 42%, surging from $7,200 to $10,500 in a jaw-dropping, historical move higher. In fact, that day marked Bitcoin’s<\/a> fourth-largest daily move… ever, and the largest price jump by percentage since 2011.<\/p>\n

While many said that this was the nail in the coffin of bears, this isn’t the case, according to one analyst anyway. Up-and-coming crypto trader Capo of Crypto recently noted<\/a> that the 42% jump, while bullish in and of itself, isn’t a convincing sign that the bear is over. He remarked that the 42% move validates a series of lower highs and lower lows, indicating a still-bearish trend. That’s not all, the Guppy\/Fishnet Indicator is still printing gray bands, implying that the medium-term trend of Bitcoin is still undecided<\/p>\n

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One of the first things that I look at in order to see if the trend has changed, it is highs and lows. <\/p>\n

If we don't have a new series of higher highs and higher lows, trend would remain the same (bearish)<\/p>\n

So bullas, that 3k candle is NOT a trend reversal (by the moment)#BTC<\/a> pic.twitter.com\/kzHCkUrgUU<\/a><\/p>\n

— il Capo Of $NOIA (@CryptoCapo_) November 12, 2019<\/a><\/p><\/blockquote>\n