Bitcoin has been in a relatively quiet state since last week, at $ 10,500, ranging from $ 9,000 to $ 9,500. At the time of writing, the main cryptocurrency is $ 9,320. As a result, this bullish consolidation is a sign that a short-term recovery is imminent. A rally that could bring Bitcoin back to $ 10,000.
Bitcoin can see 6% of rally
Analyst MacN has recently argued that Bitcoin's "very chaotic cluster" price action is becoming a "manual pump configuration" as the market tends to rise in a narrow channel. He added that he suspected a move to $ 9,550 would be "very likely" and that the channel would be tense enough for Bitcoin to jump higher towards its target.
$ BTC – What looks like a very messy cluster becomes a manual pump configuration
Honestly, failing to break down for so long – $ 9550 becomes very likely.
Tomorrow, noon should be pretty tight, let's see what will be the strength of the pop. pic.twitter.com/VdjqFxLiHO
– Mac (@MacnBTC) November 1, 2019
Tortoise Trading joins this comment. He noted in his own analysis that cryptocurrency has recently crossed the descending channel of his chart, which means a strong movement in the coming days. He said that as soon as BTC would see a daily candle in excess of $ 9,225 a day or four hours a day, he would be convinced that a 6% hike to $ 9,750 would be the next step, and that the $ 9,750 would last week's price action would be only a "bullish flag consolidation".
$ BTC 1h escape from the downward resistance.
9750 is next and likely to be higher than that. pic.twitter.com/7gpbhqcJLy
– TortoiseTrading (@TortoiseTrading) November 1, 2019
Still not bullish in the long run
Not everyone is convinced that Bitcoin is bullish in the long run. In a recent report, Bloomberg wrote that Bitcoin's inability to exceed $ 10,000, or at least just above this important price, suggests that "more difficult times could be imminent".
Shawn Cruz, Director of Trading Strategy at TD Ameritrade, repeated this statement in an interview with Bloomberg. He explained that the fact that USD 10,000 is an important psychological barrier for Bitcoin and must therefore be crossed to confirm the upward trend.
In addition, a popular analyst, Credible Crypto, said earlier this week that there was no reason to be happy if BTC does not clean the area by $ 10,300, which constitutes an important historical level. In fact, he even went so far as to say that the most recent decision is "just a bearish repeat test" and that "new local lows" are still on the table.
Proof of text: newsbtc