Bitcoin may be laying the groundwork for a reversal of trend

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After the recent Bitcoin dive in the US $ 9,000 area, cryptocurrency was able to post a strong and sustainable rebound to the USD 10,000 region.

Analysts are now finding that BTC could lay the groundwork for a reversal of its recent downtrend, meaning that it is essential to react to its next levels of resistance.

Bitcoin climbs to $ 10,500 despite the liquidation of yesterday

At the time of writing this article, Bitcoin is trading slightly higher at its current price of $ 10,430, which marks a sharp recovery from its low 24-hour levels of about $ 9,950.

It seems that the US $ 10,000 region is an important support for cryptocurrency, with every trough below this level last week having been subjected to strong buying pressure that has allowed it to quickly return above the US dollar. psychologically important price level.

Regarding the biggest resistance to come for BTC, it is highly likely that USD 12,000 will return to a key level for cryptocurrency, and the way it reacts to this price level will likely set the tone for management to follow throughout the month. second half of 2019.

Although the bubbles promptly redeemed Bitcoin after its brief fall below $ 10,000, Financial Survivalism, a popular crypto-analysis analyst on Twitter, explained in a recent tweet that he still thought he could fall to eight. $ 775 in the near future.

"The goal of $ 8,775 is still good," he noted accurately.

Does BTC lay the foundation for a reversal of trend?

Big Chonis, another popular analyst, explained in a tweet today his belief that current Bitcoin candlelight trainings could indicate speculators are currently trying to alter the tides of the market, which could eventually lead to a reversal of its recent downtrend.

"$ BTC – The current daily" Heikin Ashi "printing a green candle with a tight body after several consecutive REDs … will monitor to see if #bitcoin can maintain this trend in the near turnaround," he explained.

If speculators gain enough strength to reverse the current Bitcoin movement, it is essential that they aggressively push their price above $ 12,000, as a further rapid rejection at this price level could trigger a downward trend. which extends throughout the second half.

Selected image of Shutterstock.



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