The stagnant bitcoin charts could spring back to life in the next 24 hours, with a bullish move possibly on the cards.
The cryptocurrency has been moving in a more or less sideways manner for over a week now and - currently trading at $6,848 on Bitfinex - is largely unchanged on a 24-hour basis.
Falling wedge, a bullish reversal pattern, meaning an upside break would confirm the tide has turned in favor of the bulls.
Pennant formation, a bearish continuation pattern, characterized by lower price highs and higher price lows.
BTC suffered a high volume drop from $7,189 to $6,611 on April 9, engulfing the previous day's price action.
The follow-through in the next two trading days has not been encouraging for the bears, given that bitcoin moved back well above $6,611.
The bear's weakness, when viewed against the backdrop of the basing pattern along the ascending 50-week moving average, suggests there is scope for a minor rally.
A base may have formed along the key moving average support.
BTC will likely break through $7,100, confirming a falling wedge reversal and move towards the resistance lined up at $7,510 in the next 24 hours.
Such a move would signal downside break of the pennant pattern, thus opening the doors to $6,425.
$7.5K Ahead? Bitcoin Price Charts Hint at Bull Move
Veröffentlicht auf Apr 12, 2018
by Coindesk | Veröffentlicht auf Coinage
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