Bitcoin (BTC) Poised to Break Higher, High-$8,000s Back in Play
Bitcoin Bulls Return as BTC Taps $8,000
Bulls are looking to take control of Bitcoin (BTC) after a week of boring price action. In the past 48 hours, BTC has tried to convincingly break past $8,000 and close a key four-hour or 12-hour candle above $8,200. While this auspicious event from a technical analysis standpoint hasnt come to fruition just yet, some cheery analysts are coming to the conclusion that bulls will only continue to pressure BTC higher in the days to come.
Financial Survivalism claimed that having found clear support at $7,600, Bitcoin may be poised to head higher. He claims that the assets four-hour chart is looking like an Accumulation pattern laid out by technical analysis guru and legend Richard Wyckoff.
If the textbook pattern plays out in full, Survivalism explains that he expects for BTC to break past $8,040, fall back to $7,700, and then return back to the mid to high-$8,000s.
This isnt the only bullish sign that the analyst observed. In a subsequent tweet, Survivalism explained that if the nine four-hour exponential moving average crosses above the 50, Bitcoin will be fully bullish on the four-hour chart, implying another leg up in the market.This has yet to happen, but if BTC keeps the upward pressure, it will likely happen within the coming day.
Survivalism isnt the only one that is short-term bullish. In a recent tweet outlining an astute observation, analyst Filb Filb noted that movements in Tethers market capitalization have accurately predicted moves in BTC. With the number of Tether rapidly rising, recently surmounting a jaw-dropping $3 billion, Filb seems to be predicting that Bitcoin will soon shoot higher. While Tether was found not to directly be manipulating markets, more USDT in circulation is supposed to mean more money flowing into the space.
This isnt the only reason why Filb is bullish. Per previous reports from Ethereum World News, he ventured that the inverse of Bitcoins current price action is looking much like it did during Decembers bottom, especially from the viewpoint of BTCs four-hour chart.
During December, Bitcoin saw a steady increase in its Relative Strength Index (RSI) and On-Balance Volume (OBV) indicators over a number of weeks, all while BTC traded within two channels.
As seen below, the leading cryptocurrency is following that exact pattern now, having seen a sustained increase in RSI and OBV and having traded within channels seen in December. If history is of any guide, Filb suspects that Bitcoin may range between $7,600 and $8,000 for another week or two, break past $8,000, and then slowly trend back to near $9,000.
There have been some a bit skeptical of price action, however. Per previous reports, during Bitcoins last long-term uptrend, BTC touched its 100-day EMA seven times. This continual support al ...Read full story on Ethereum World News