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Analyst: this highly bullish signal suggests Bitcoin is about to see a strong upward movement

Analyst: this highly bullish signal suggests Bitcoin is about to see a strong upward movement

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.”

Bitcoin BTC
Image Courtesy of Big Cheds

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.”

Bitcoin BTC
Image Courtesy of Financial Survivalism

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 | BTC

Updated: Feb 13 at 9:26 am UTC
$10,200.62
-0.88%

Bitcoin, currently ranked #1 by market cap, is down 0.88% over the past 24 hours. BTC has a market cap of $185.8B with a 24 hour volume of $44.86B.

Chart by CryptoCompare

Bitcoin is down 0.88% over the past 24 hours.

Posted In: , Analysis, Price Watch

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Cole Petersen
Author

Cole Petersen

Journalist @ CryptoSlate

Cole is a freelance journalist and university student studying philosophy. He focuses primarily on covering cryptocurrency and blockchain-related news. He owns a non-life-changing sum of Bitcoin and enjoys day trading.

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