Where Bitcoin prices sunk under the $10,000 mark yesterday, BTC is now back to a healthy $10,300 and change.
Some analysts are suggesting the coin has further to go upward.
“Bitcoin has regained poise in the last 48 hours and could revisit recent highs in the next couple of days, charts suggest,” writes Omkar Godbole at Coindesk.
Citing a falling wedge pattern based on pullback from Friday’s higher numbers, Godbole analyzes price activity to date.
“The low-volume correction … ended with a bullish breakout on Thursday and the cryptocurrency is now looking north, and a re-test of the bearish lower high of $10,956 could be in the offing in the next couple of days,” Godbole says.
It’s this “bullish breakout,” he says, that is suggested by a four hour chart, writing:
“As a result, bitcoin could challenge key resistance at $10,956 in the next few days,”
Moving average convergence divergence, he says, also provides bulls with more fodder for investment enthusiasm.
“Further gains to levels above $10,900 look likely,” he writes, citing an inverse head and shoulders pattern with a neck line near the $11,000 mark.
“A UTC close above that level would activate twin bullish cues: invalidation of bearish lower highs and an inverse head-and-shoulders breakout,” writes Godbole.
“Can Bitcoin overcome this, in what could send the coin to a decent rally?” asks Yuval Gov at Cryptopotato. “Will it be another roof before another plunge towards $10K and $9,400? Some near-future events, such as Bakkt’s futures launch, can be the triggers for such huge moves. Keep in mind that the Bitcoin dominance is only upon a decision point – at the 70% mark.”
Others are looking at various price movers including the BTC mining reward halving planned for next May. Keep an eye on both short-term and long-term trends as hodlers dig in.
