Analyst: this highly bullish signal suggests Bitcoin is about to see a strong upward movement 🚨 This article is 5 years old...
Analyst: this highly bullish signal suggests Bitcoin is about to see a strong upward movement
2 min read
Updated: Feb. 13, 2020 at 9:26 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Bitcoin has continued pushing past the heavy resistance it has been navigating through over the past few days, with BTC’s recent break above $10,000 allowing it to slowly grind higher as many major altcoins begin building major momentum.
BTC’s climb today has marked a slight extension of the uptrend that the cryptocurrency has been caught within for the past five weeks, and it does appear to be facing heightened resistance as it inches towards $10,500.
Now, analysts are noting that the cryptocurrency has been able to flash some highly bullish technical signals, suggesting that it is about to see an explosive movement that could send it surging significantly higher.
Bitcoin races towards $10,500 as bulls continue gaining strength
At the time of writing, Bitcoin is trading up just under one percent at its current price of $10,360, which marks a slight climb from its daily lows of $10,200 that was set yesterday.
In the near-term, it does appear that it faces some resistance around $10,500, as this is where it has experienced multiple micro-rejections throughout the past day.
It is also highly probable that the crypto will incur some turbulence, as the ongoing battle between buyers and sellers is likely to result in another major movement.
Big Cheds, a popular cryptocurrency analyst on Twitter, explained in a recent tweet that he is currently eyeing a major upside movement due to a bullish ascending triangle that BTC is currently caught within.
“BTC – Ascending triangle nearing complete on the 1 hour.”
BTC just flashed this highly bullish technical sign
Another bull-favoring factor that should be carefully considered in the near-term is the fact that Bitcoin’s Ichimoku Cloud just flipped firmly bullish after BTC passed $10,270, signaling that the crypto could soon undergo a macro trend shift.
Related Story: Trading Tips: Introduction to Ichimoku Clouds
Financial Survivalism, another well-respected crypto trader, spoke about this highly bullish occurrence, concisely noting that BTC is “fully bullish.”
“The 3D Ichimoku Cloud (traditional settings) is now fully bullish and it recently signaled a buy at $10,268.”
Unless bulls catalyze some incredibly strong selling pressure in the coming several hours and days, it is possible that Bitcoin’s ongoing bull run will extend significantly further before it meets any meaningful resistance that sparks a notable correction.
Bitcoin Market Data
At the time of press 9:26 am UTC on Feb. 13, 2020, Bitcoin is ranked #1 by market cap and the price is down 0.88% over the past 24 hours. Bitcoin has a market capitalization of $185.8 billion with a 24-hour trading volume of $44.86 billion. Learn more about Bitcoin ›
Crypto Market Summary
At the time of press 9:26 am UTC on Feb. 13, 2020, the total crypto market is valued at at $298.3 billion with a 24-hour volume of $173.76 billion. Bitcoin dominance is currently at 62.32%. Learn more about the crypto market ›
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