The Bitcoin (BTC) Bulls were able to regain control of the Sunday trading session. At the time of writing, leading cryptocurrency is trading at $ 9,750 – about $ 800 higher than the local minimum on Saturday of $ 8,900, which in itself is a 10% drop.
Related Read: Analyst Reasons Why Bitcoin Isn Cost 'Crucially Scourge Still
This final step up is quickly convincing analysts that a $ 10,500 local peak is becoming increasingly feasible.
Bitcoin holds a key level ready to rise higher
Byzantine General Trader recently noted that Bitcoin's chart is shaping up to be even more bullish than it was yesterday. After a strong close on Saturday in the $ 9,300 region, the analyst noted that since the Kijun Line in Ichimoku Cloud believes that "the chart is as bullish as it gets."
As such, it expects BTC to hit at least $ 10,600, just under 10% higher than its current price, in the coming days.
This long wick doesn't matter.
9300, which also happens to be kijun
This chart is as bullish as it gets.
The first target is 0.5 fib: 10600. pic.twitter.com/Z7FH7ShRX0
– Byzantine General (@ByzGeneral) October 27, 2019
Not from mass
There are a variety of technical factors that support the notion that Bitcoin will continue to rocket higher next week.
As reported by NewsBTC on Saturday, CryptoHamster recently noticed that bitcoin still looks bullish at higher timescales. They recently published the table below showing that Bitcoin's current one-week Heikin-Ashi candle has two high wicks on both sides and a skinny green body. For those unfamiliar with technical analysis, this means "potential reversal".
That's not all. The same analyst later noted that the weekly Fisher Transform indicator, which highlights when prices have moved to the extreme to try and signal buying and selling opportunities, recently printed a -2.5 bullish crossover. CryptoHamster notes that "this signal is rarely false" and thus strongly suggests a resumption of the long-term upward trend in the price of bitcoin.
– CryptoHamster (@ CryptoHamsterIO) October 27, 2019
to put the cherry on the cake for cryptocurrency, CryptoBuzz trader stated that the fact that Bitcoin holds its 100-week moving average is a likely sign that a recent move is "a breakthrough that should start a long-term bull market. "
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