$BTC increases 25% over the weekend - Analysis
25% increase in the BTC price over the weekend. This is equal to 1,600 points reaching unseen levels since August 2018.
Finally, a new pivot is higher than the previous one (November), breaking the medium term downtrend that we have been having for almost 18 months. This event represents a very typical reversal pattern, which suggests that the bearish season might have ended.
After reaching $7,600, the price has made a quick consolidation of 800 points until S1 at $6,800. Now the question is, has BTC fully consolidated this pump or can we expect further falls?
The current low volume and the negative momentum suggest that the price could decrease to S2 or even to $6,000. The price is currently performing a triangle, that once is almost finished, BTC will be very likely to break up or down.
--CRYPTOHOPPER--
Disclaimer: None of these statements are financial advice. Cryptohopper is a trading platform that allows the user to trade with cryptocurrencies according to their strategies and signals. The information provided by the staff is merely informative.
Market analysis provided by Antonio Verdu, TA specialist at Cryptohopper.
Finally, a new pivot is higher than the previous one (November), breaking the medium term downtrend that we have been having for almost 18 months. This event represents a very typical reversal pattern, which suggests that the bearish season might have ended.
After reaching $7,600, the price has made a quick consolidation of 800 points until S1 at $6,800. Now the question is, has BTC fully consolidated this pump or can we expect further falls?
The current low volume and the negative momentum suggest that the price could decrease to S2 or even to $6,000. The price is currently performing a triangle, that once is almost finished, BTC will be very likely to break up or down.
--CRYPTOHOPPER--
Disclaimer: None of these statements are financial advice. Cryptohopper is a trading platform that allows the user to trade with cryptocurrencies according to their strategies and signals. The information provided by the staff is merely informative.
Market analysis provided by Antonio Verdu, TA specialist at Cryptohopper.
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