The Bitcoin bull (BTC) began pushing cryptocurrency markets to a weekly close. Which scheduled to take place four hours after the publication of this article. At the time of writing this, the leading cryptocurrency is trading at $ 9,700, 10% more than the Saturday low of $ 8,900. Altcoins has largely followed the BTC, recording similar gains.
While Bitcoin has still dropped around $ 800 since its weekly high of $ 10,600. Which reached amid a historic flow of volatility on Friday night. Analysts believe the recent increase is validating the idea that the BTC is taller Ready to tear.
Bitcoin is likely to continue to gain momentum
A "JB" analyst reported that with this latest move of $ 7,700 to $ 9,700, the three-day bitcoin chart looks very fast.
He drew attention to the following reasons to support his prediction: a recent candle can be defined as a "quick closing candle," a downward trend line that reached the top of the $ 14,000 June line. It broke, the markets have seen their day of greatest volume in months. MACD is printing a strong divergence and the Willie indicator now leaves the oversold area Yes, it is.
It is far from its end. The Smokey merchant noted that Ichimoku Cloud, a de facto all-in-one indicator that allows merchants to track trends, is printing a series of buy signals: Kumo. A trend line and the impending cloud boom A break with a twist from. Therefore, he confirmed that "this is the biggest bull trap", a scenario he said is very unlikely. Or "we are in BTC for a good Q4 2019 / Q1 2020".
Despite all these positive signs, analysts are still confused about what led to this increase. The most obvious answer is President Xi's support for blockchain technologies, which exploited the Internet and Chinese media. However, analysts are currently divided into that thesis.
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