On Sunday, Bitcoin (BTC) found itself suffering, with bulls failing to step in to save the cryptocurrency from falling through the ever-important $8,000 support level.
By Monday morning, the Bitcoin price hit $7,800 — a level that analysts said would be a “make or break” for the cryptocurrency bull market.
However, at the 11th hour, bulls finally made their presence known. As seen above, when all seemed lost — analysts were expecting a precipitous drop to $6,500 — Bitcoin finally mounted a recovery.
As of the time of writing this, the cryptocurrency has rallied by 5% to retake $8,250.
While the reversal is not yet set in stone, many analysts are optimistic that this recovery from the important $7,800 level may precede further gains.
Bitcoin Ready to Head Higher
CNN-featured analyst Luke Martin, the founder of CoinistResearch, recently noted that if Bitcoin can close some short-term candles (4-hour, 12-hour) above the $8,300 zone, he would expect the bullish momentum to bring BTC to $8,700 to $9,000.
Prominent trader Crypto Rand echoed this optimism, recently noting that Bitcoin’s daily chart —should it hold until the close in five hours — looks much like a textbook tweezer bottom, marked by a bullish engulfing candle after a large red candle lower.
According to Rand’s analysis, the tweezer bottom is a formation that tells traders the following tidbits of information:
Indeed, as Amsterdam Stock Exchange trader Crypto Michaël recently noted in the below analysis, both Bitcoin on short-term and long-term time frames is looking strong, with bullish trendlines and consolidation patterns forming.
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