Bitcoin's position in the region of the lowest $ 7,000 has been fiercely defended by bulls over the past few hours and days, while the nightly decline of crypto-currency in the region of $ 6,000 the most high has reached significant buying pressure, which has allowed BTC to make a strong bid. Up to $ 7,600.
It is important to note that this recent decision further confirms that BTC is forming a reversed bullish pattern, but analysts note that cryptocurrency must significantly exceed the $ 7,500 before it can begin with massive rise.
Bitcoin comes out of the $ 6,000 region, but finds resistance at $ 7,600.
At the time of writing this article, Bitcoin is trading at its current price of $ 7,557, which represents a remarkable increase from the low of $ 6,800 reached last night during a strong sale.
The fact that this downward movement has been faced with considerable buying pressure confirms that this price region is a highly favorable region, which could support BTC price action in the near term.
After this increase, Bitcoin was rejected at $ 7,600, suggesting a significant drag on cryptocurrency. Cryptomist, an analyst of the popular cryptocurrency on Twitter, believes that several technical factors suggest that the recent low levels of cryptocurrency will mark a decline in the long term, since it would be possible to increase to $ 11,000. ,
"$ BTC: It did not make a lot of profit." Forget my call at $ 6.4 Triple bottom at RSI Chisel tip Heikin Ashi Doji The low point could be reached and the $ 11,000 turnaround could be in progress, updated at the end of the day, "she explained in a recent tweet, referring to the table below.
Stopped from profit
Forget my call at $ 6.4
Triple bottom on RSI
Heikin Ashi Doji
The bottom could be in $ 11k could be going
Will update daily pic.twitter.com/2ilK8WNqV0
– The cryptomist (@The Cryptomist) November 27, 2019
Will Bitcoin reach more than $ 7,600 to reach a bullish momentum?
In the short term, the key value observed by analysts is $ 7,500, because a breach above this level could confirm the inverted bullish pattern of the head and shoulders created by BTC, which could mark the lowest lows of crypto at a lower long-term.
The next few hours and days will probably tell us if Bitcoin will continue to trade between $ 6,800 and $ 7,400 in the recently established range, or if its bulls will confirm the upward trend.
Proof of text: newsbtc