2023-10-11 22:42 |
As October kicks off, crypto market players have begun to outline their observations and predictions for the new month. Bitcoin proponents are especially active in these discussions as speculations on Bitcoin’s next move become a major topic of debate.
As market observers give their two cents on the asset’s potential future performance, one analyst is spotlighting the importance of paying attention to certain technical signals.
According to a post shared to X, formerly Twitter, the pseudonymous user CryptoJelleNL, a hidden bullish divergence has begun to form on the Bitcoin charts.
A bullish divergence usually occurs when the price of an asset falls to a new low, while an oscillator fails to reach a new low. This is usually received positively by market players, as it demonstrates that the bears are losing momentum. During this period, the bullish are usually attempting to regain control of the market, as such, a bullish divergence typically marks the end of a downtrend, and introduces the start of an uptrend.
For Bitcoin, this could look like a massive jump in its current price value, which could potentially send it above $30,000; a price mark that has been highly anticipated by investors and traders alike.
While Bitcoin currently trades a little above the $27,000 price mark, the analyst is convinced that $30,000 remains a major resistance. He goes on to share his buying strategy while urging traders and investors to ignore the fear of missing out (FOMO).
As his post reads;
“Bitcoin’s weekly hidden bullish divergence is starting to play out. Remember, $30k is strong resistance until further notice. I keep buying dips inside this range — waiting for the breakout. Don’t let LTF moves lure you into FOMO, stick to the plan.”
In his most recent post, the analyst shared a candlestick technical chart, in which he traced an ascending triangle that had formed as far back as May. He made a bold claim, stating that if Bitcoin breaks above $30,000, it will be an indicator that the bull run has officially begun.
At the time of this report, Bitcoin is trading for $27,389. The apex cryptocurrency has managed to sustain decent gains and preserved it over the past week. In the last 7 days, Bitcoin has seen gains surge by 2.65%.
Although Bitcoin performed rather decently in September, trading volume has gained significant momentum, going up as high as 217% in the last 7 days.
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