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For the hundredth consecutive weekend, the cryptocurrency market has recovered. Sunday morning, Bitcoin (BTC) jumped 3%, the badet exceeding a level of resistance in the short term. Despite this event, which most badysts see as a sign that the ball is clearly in the camp of bulls, some are still wary of an impending correction.
Related Reading: Bitcoin Price (BTC) Weekly Forecast: Technical bias signaling a further increase
Chance of correction of growing Bitcoin
According to one recent publication on Twitter According to Josh Olszewicz, an badyst at Brave New Coin, Bitcoin 's one – day chart begins to show signs that bears are beginning to slip into the cryptocurrency scene. He explains that Bitcoin is currently trading according to a rising wedge model which, though it is not outdated in the past, often acts as a catalyst for a bearish trend reversal.
1D $ BTC
RW + Bear Div
I'm sure the results of backtesting on $ BTCRWs really play like a reversal is mediocre, but here it is nevertheless pic.twitter.com/1pIJFKkGVp
– Josh Olszewicz (@CarpeNoctom) June 2, 2019
In addition, there were bearish divergences between the Bitcoin price, the Relative Strength Index and the Moving Average Convergence Divergence (MACD). In other words, while BTC has increased over the past two weeks, these indicators have tended to fall. This is important because bullish divergences (the opposite of bearish divergences) have apparently preceded a number of rebounds in the crypto market during the last trading sessions.
This comes after Olszewicz, speaking to Benjamin Prius, Forbes' collaborator, said that Bitcoin had reached a stage such as withdrawal that is about to become "just super painful". relating to the badet show bearish divergences and overbought signals, as indicated above.
In addition, last week, BTC moved 30% off the Ichimoku Cloud's Kijun Band, an indicator designed to accentuate trends, key support, resistance and elk. The last time that such a delta was seen between the Kijun group and Bitcoin, BTC did the same. The problem is that Bitcoin was 30% under the Kijun band. Thus, a withdrawal may be necessary in the short term to replace BTC in a more sustainable territory.
1D $ BTC
the last price was so far from Kijun (~ 30%)?
December 15, aka the bottom
before that? February 6
????? pic.twitter.com/ci00P4GXDi
– Josh Olszewicz (@CarpeNoctom) May 24, 2019
Bitcoin still has fuel in the tank … maybe
However, some are certain that Bitcoin has room to run. As mentioned above, Bitcoin has just surpbaded the $ 8,700 and is looking hard to close the 12-hour or even daily mark above this level. As noted by Josh Rager, a famous crypto merchant, "a cross over $ 8731 would be bullish if it went back over $ 9,000".
Related Reading: Bitcoin (BTC) $ 8,700 recovery paves the way for instrumental boost at $ 9,000
Featured image of Shutterstock
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