Tech. Analysis: Is New BTC Rally Is Possible? The Market Study
Today, Bitcoin is trying to consolidate to make a breakthrough above $9,000, the local peak that was reached two weeks ago. But a small “storm” has swept the flagship cryptocurrency over the past few days. As a result, the price of Bitcoin rebounded from the $9,000 mark to a low of $8,100.
Analyzing technical indicators, experts concluded that Bitcoin could make another breakthrough shortly. More recently, a key technical pattern has appeared on the chart, which indicates that the flagship cryptocurrency may enter the phase of a large rally. The previous time, this led to an increase in the price of Bitcoin by 160%. How the flagship cryptocurrency will behave in the current conditions is unknown.
Bitcoin builds up technical strength
Over the past few days, Bitcoin has been able to rebound from a minimum of 10% and is now trading at $8,850. As a result of an increase in sales of $9,000 last week, the classic inverse head-and-shoulder model has now formed on the technical price chart. This figure is formed on a downtrend and its feature is the price reversal in the opposite direction.
Thus, this technical model can talk about the upcoming bullish breakthrough of the flagship cryptocurrency. This was reported by one of the cryptanalysts who demonstrated this chart on his Twitter page.
What other indicators indicate the Bitcoin Rally?
In addition to the head-and-shoulder technical model, other indicators also indicate the upcoming Bitcoin price increase. In particular, these are Doji candles. This is a technical pattern in which the closing price coincides with the opening price.
The predominance of candles Doji reported one famous cryptanalyst on his Twitter. He noted that over the past 2 months, 7 positive Doji candles have formed on the chart. This indicates that Bitcoin expects a huge jump in prices up. The cryptanalyst noted the following:
“Previously, we have already witnessed a 7 consecutive dodge on the chart. Then the price of Bitcoin jumped 160%. Thus, shortly, the flagship cryptocurrency can repeat its record. Another explosive rally awaits us. ”
Thus, the formed technical bullish patterns can become a solid foundation for the breakthrough of the Bitcoin price. Are we expecting a new historic high? Soon we will find out about it.