For the fourth or fifth day in a row, bulls have taken control of the Bitcoin (BTC) market, pushing the leading cryptocurrency as high as $7,660 just minutes ago, marking a multi-week high. As of the time of writing this, BTC is trading up 3% on the day, actually underperforming Ethereum’s 4% and XRP’s jaw-dropping 12%.
Despite this, analysts are becoming certain that a strong continuation to the upside over the coming days is likely. Here’s more on that.
Related Reading: Bitcoin Poised to Collapse Under $5,000? Market Cycle Fractal Suggests So
Bitcoin Ready to Surge Higher
Josh Olszewicz, an analyst at Brave New Coin, recently noted that an inverse head and shoulders chart pattern — a bullish pattern that is likely to mark a strong bottom for BTC — is playing out for Bitcoin.
He remarked in a TradingView post outlining his trading idea that should BTC hit $7,525 (and it has), a move to the $8,100 to $8,700 range — a 7% and 14% rally, respectively — is likely to play out. As to why the rally will stop there, he cited a confluence of a few key resistances: the 200-day exponential moving average, the daily Ichimoku Cloud, a yearly pivot point, and the weekly 20 moving average.
Also, a textbook Wyckoff Reaccumulation pattern suggests that BTC will break higher and higher in the coming days, in an upward move that will bring the asset back to the high-$7,000s.
Related Reading: This Scary Fractal Suggests Bitcoin Price Is On Its Way to $3,000
Longer-Term Outlook Positive Too
On a longer-term basis, Bitcoin appears to be getting bullish too.
Per previous reports from this very outlet, trader CryptoHamster recently noted that Bitcoin’s on-balance volume reading — an indicator which “uses volume flow to predict changes in stock price” — is printing a clear falling wedge pattern, a chart pattern marked by falling prices (or in this case, a reading) and a tightening range.
In this case, the falling wedge seems bullish, with the Bitcoin-related on-balance volume reading rallying, implying imminent continuation to the upside.
On-balance volume descending wedge is getting tighter.#bitcoin $BTC $BTCUSD pic.twitter.com/XT5EJDoQIW
— CryptoHamster (@CryptoHamsterIO) January 4, 2020
Not to mention, according to Willy Woo, partner at cryptocurrency fund Adaptive Capital and a noted on-chain analyst, his indicators which track investor activity — correlated closely with market cycles — are showing clear signs that Bitcoin is decisively not in a bear market.
Featured Image from Shutterstock The post appeared first on NewsBTC. origin »
Today marks the eleven year anniversary of Bitcoin Pizza Day. The day has become synonymous with the first official BTC transaction, with Laszlo Hanyecz purchasing two pizzas for 10,000 BTC.
The post Crypto Industry Celebrates 11th Anniversary of First Official BTC Transaction, Bitcoin Pizza Day appeared first on BeInCrypto.
(Photo taken from facebook. com. Karl (right) with a friend) In the USA (Miami, Florida), a 15 years old teenager earned 0. 7 BTC in one day. The teen’s name is Karl Miller, he is a Miami Country Day School student.
Today has been a great day for Bitcoin (BTC) bulls, as the cryptocurrency has been able to post a massive surge over the past couple of hours, blowing past its previous resistance levels and potentially confirming an incredibly bullish technical formation.
Bitcoin (BTC) bulls seem to be having quite the streak. For the third or fourth day in a row, the leading cryptocurrency has posted gains. As of the time of writing this, Bitcoin has broken to highs it hasn’t seen in two weeks, rallying as high as $7,580 just minutes ago.
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The post Futures data suggests latest Bitcoin rally is just short-covering, most Bakkt contracts aren’t being settled appeared first on CryptoSlate.
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