Bitcoin Could Soon Move Higher, as Crazy as That May Sound
Bitcoin is printing three clear signs that it will move higher in the near future, according to a recent analysis shared by a trader.
On August 28th, the trader in question shared the following three technical signals that suggest that while “It is hard to believe, [BTC] looks like it wants to go up from here…”
The signals he mentioned are as follows:
Chart of BTC's recent price action with analysis by crypto trader CryptoHamster (@CryptoHamsterIO on Twitter). Chart from TradingView.com
A Drop Towards $9,000 Is Not Off the Table
Short-term strength may be had, but Bitcoin could drop towards the $9,000s in the near future. Analysts say that this would satisfy historical patterns in this nascent market.
One trader noted that Bitcoin has historically undergone strong corrections amounting to 30-40% losses in previous bear markets. There’s a good likelihood the asset will do the same in this phase:
Chart of BTC's macro price action with analysis by crypto trader HornHairs (@Cryptohornhairs on Twitter). Chart from TradingView.com
Another trader has discussed the potential for a correction towards the $9,000s to $10,000s before an eventual return to an uptrend. As reported by Bitcoinist previously, they said that the resistance in the high-$11,000s could trigger this:
Image Courtesy of Edward "Teddy" Cleps, a crypto trader. Chart via TradingView.com
Photo by Drew Beamer on Unsplash Price tags: xbtusd, btcusd, btcusdt Charts from TradingView.com These 3 Factors Show Bitcoin Is Poised to Press Higher After $1,000 Drop
Originally from Bitcoinist.com https://ift.tt/3lrfoEx
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