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Bitcoin (BTC) remained stable above $ 3,600 after yesterday's surge that boosted it from $ 3,400 to $ 3,700. Although, often, these upward price movements are generally followed by a cooling down period that forces Bitcoin to cede some of its gains, BTC has remained stable at its current price levels.
Analysts now say that Bitcoin may still have additional room for maneuver, with many technical indicators starting to look rosy after yesterday's price hike.
Bitcoin (BTC) Stable Greater Than $ 3,600
At the time of writing this article, Bitcoin is trading up less than 1% at its current price of $ 3,650. Over a period of one week, BTC traded against its weekly lows of $ 3,400, which has proven to be a relatively important support for cryptocurrency.
Yesterday's price movement allowed Bitcoin to exceed the previously established resistance level of $ 3,500, and it is likely that cryptocurrency will begin to establish a new trading range in the near future.
Chonis Trading, a popular cryptocurrency badyst on Twitter, recently explained that it was important for Bitcoin to end the week above USD 3,550, which would swallow last week's candle and to potentially indicate that BTC has more room for maneuver.
"$ BTC – only a few days left in the weekly chart # bitcoin … The ideal closing with this weekly candle is above the $ 3550 zone, which would swallow the candle last week and maintain a pair of candles with lower soles. zone, "he explained.
$ BTC – still a few days in the weekly #bitcoin graphic … The ideal fence with this weekly candle is above the $ 3550 zone that would engulf the candle of the last few weeks and maintain a good combo with tweezers … Note the current resistance coincides with the September zone 2017. pic.twitter.com/nPfn8QNREC
– Chonis Trading (@BigChonis) February 8, 2019
Given that Bitcoin has regained stability above $ 3,650, unless there is a sudden surge in sales pressure, it is likely to keep above $ 3,550 throughout the weekend.
Bitcoin technical indicators signal that BTC could continue to progress in the near future
While it's clear that BTC needs to defend its recent weekend gains for its bullish momentum to continue, many technical indicators now indicate that Bitcoin should further progress before losing momentum.
Bitcoin (BTC) could have other gains ahead.
In a recent tweet from the famous cryptocurrency badyst, Bleeding Crypto, they said that in addition to the historically bullish month of cryptocurrency, it was also close to the nine-week exponential moving average (EMA). .
"$ BTC Update: I really like the way things are going on the weekly calendar … We've been close to 9EMA in 8 weeks (but still below) … Its ATM sub-value (VPRV) … The MACD is up February has historically worked very well. (40% to 96% of the last four years), "explained Bleeding Crypto.
$ BTC Update: I like a lot the way things are going on the weekly calendar.
Closer we have been to 9EMA in 8 weeks (but still under)
Its ATM sub-value (VPRV)
MACD becomes bullish
February has historically worked very well. (40% -96% of the last 4 years) pic.twitter.com/yKH8Pnm3lb
– Crypto bleeding (@Bleeding_Crypto) February 9, 2019
The end of the weekend by Bitcoin will give traders and investors a more accurate idea of the direction of cryptocurrency in the coming week.
Selected image of Shutterstock.
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