Is Bitcoin’s Uptrend Intact? Many Analysts Think So
Despite the technical damage Bitcoin suffered after dropping below $12,000, analysts remain optimistic about the prospects of the leading cryptocurrency.
One analyst shared the chart below after the worst of the correction. The chart shows that Bitcoin actually bounced off a pivotal diagonal uptrend that has held since the end of July. The level stretches back to $11,000.
BTC holding this level suggests it remains in an ascending triangle formation. The formation predicts that Bitcoin will eventually break to $13,000 should it validate the triangle by holding above $12,000.
Chart of BTC's price action over the past few weeks with analysis by trader Cold Blooded Shiller (@Coldbloodshill on Twitter). Chart fromTradingView.com
This optimism was echoed by a swath of other analysts.
Another noted that since Bitcoin held the $11,600 range, there is a good likelihood the price trend reverts higher in the coming days: “$BTC Basically I’m long and will close if we break below. Low TF is noise and higher TF structure is still bullish – higher highs and lows.”
Also showing BTC still has strength are technical indicators.
Commenting on the On Balance Volume indicator, which shows the flow of capital in markets, one trader said that it seems that there’s capital flooding into Bitcoin:
Fundamentals Also Intact
The fundamentals of the cryptocurrency market are also intact, analysts argue.
Per previous reports from Bitcoinist previously, digital asset manager Charles Edwards argued that it’s hard to be bearish on Bitcoin. This is due to a confluence of fundamental factors, which includes but isn’t limited to:
Featured Image from Shutterstock Price tags: xbtusd, btcusd, btcusdt Charts from TradingView.com Here's Why Analysts Remain Bullish After Bitcoin Slipped Below $12,000
Originally from Bitcoinist.com https://ift.tt/3270SJn
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