Topic: Is Bitcoin about to see a strong upward move - Analyst - page 3. (Read 514 times)

Battle between buyers and sellers?!?This is funny.So the author of this article thinks that the market is basically a war? If there was really a battle between buyers and sellers,then nobody would buy and sell and the market will be dead.This analysis looks pretty incompetent,if you ask me.I hope that bitcoin will face a strong and stable upward price movement,but I won't sit all day in front of the charts praying for the chart line to move up,because it will signal some big long term price increase.

Crypto analyst and founder of Texas West Capital, Scott Melker, is not convinced that Bitcoin (BTC) has firmly shifted out of its brutal crypto winter to start a new long-term bull trend.

According to Melker, BTC must cross one more crucial level of resistance at $10,584 to confirm a trend reversal. BTC last touched that level back in October of 2019.

“Delete everything from your chart. There’s only one line that matters now. A break of this line would be the first macro higher high since the 14K top. Movement above and a flip to support would effectively end the ‘bear market’ argument. Higher high = confirmed bull trend.”

Source: Scott Melker/Twitter

analyst:-this-highly-bullish-signal-suggests-bitcoin-is-about-to-see-a-strong-upward-movement
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Analyst: this highly bullish signal suggests Bitcoin is about to see a strong upward movement

Bitcoin has continued pushing past the heavy resistance it has been navigating through over the past few days, with BTC’s recent break above $10,000 allowing it to slowly grind higher as many major altcoins begin building major momentum.

BTC’s climb today has marked a slight extension of the uptrend that the cryptocurrency has been caught within for the past five weeks, and it does appear to be facing heightened resistance as it inches towards $10,500.

Now, analysts are noting that the cryptocurrency has been able to flash some highly bullish technical signals, suggesting that it is about to see an explosive movement that could send it surging significantly higher.

Bitcoin races towards $10,500 as bulls continue gaining strength

At the time of writing, Bitcoin is trading up just under one percent at its current price of $10,360, which marks a slight climb from its daily lows of $10,200 that was set yesterday.

In the near-term, it does appear that it faces some resistance around $10,500, as this is where it has experienced multiple micro-rejections throughout the past day.

It is also highly probable that the crypto will incur some turbulence, as the ongoing battle between buyers and sellers is likely to result in another major movement.

Big Cheds, a popular cryptocurrency analyst on Twitter, explained in a recent tweet that he is currently eyeing a major upside movement due to a bullish ascending triangle that BTC is currently caught within.

Bitcoin, currently ranked #1 by market cap, is down 0.88% over the past 24 hours. BTC has a market cap of $185.8B with a 24 hour volume of $44.86B.
Source: Reddit article