After seeing a small retracement (as predicted in one of NewBTC’s Bitcoin analysis articles), BTC continued to rocket higher on Tuesday. As of the time of writing this, the leading cryptocurrency has tapped $8,100 for the first time in literal weeks — in six weeks, to be exact — managing to surmount that level on the back of another wave of buying pressure from bulls.
Related Reading: Bitcoin Poised to Collapse Under $5,000? Market Cycle Fractal Suggests So
This latest bump higher, while still strong, was relatively mild in the grand scheme of things; Skew Markets, a cryptocurrency data outlet, noted that this latest pumped higher, which took BTC 3% higher in a short period of time, liquidated $11 million worth of BitMEX short positions.
Although the momentum is slowing, there are a number of key bullish signals that were just printed, implying eventual continuation to the upside.
Bitcoin Charts Flurry of Strong Signals
Trader Byzantine General noted that while BTC is currently encountering some resistance around the $8,000 region, the four-hour chart just printed a 50 exponential moving average and 200 exponential moving average bull cross, suggesting bulls are decisively in control.
https://twitter.com/ByzGeneral/status/1214597763398348800
That’s not all. Prominent analyst RJ noted that Bitcoin’s latest move has brought it out of a 47-day trading range without a Swing Failure Pattern candle, implying that buyers are supporting $8,000.
Related Reading: Why Bitcoin Network’s Record 2019 Is Bullish For the Crypto Market
He added that with “thin air above us,” meaning not much pertinent resistance, and a lack of short capitulation and FOMO, there is likely to be “more acceleration” of the Bitcoin price can maintain the $8,000 support in the coming hours and days.
$BTC
– Breakout of the 47-day trading range
– No swing failure at the previous highs
– Thin air above usMore acceleration likely if we can maintain above 8K. FOMO and short capitulation has yet to kick in. Travelling quickly on the way down = easy on the way up. pic.twitter.com/uNgSkZhEsb
— RJ (@RJ_Killmex) January 7, 2020
Also, Adaptive Capital analyst CL noted that Bitcoin’s price is showing clear signs of a medium-term trend reversal in the bullish direction, drawing attention to the below historical trend: “When price starts deviating away from the 4hr 200MA, out of the bands, especially after consolidation, and a BB squeeze, a new trend usually emerges… There is not much more to say, I will be buying dips. Send it.”
When price starts deviating away from the 4hr 200MA, out of the bands, especially after consolidation, and a BB squeeze, a new trend usually emerges.
There is not much more to say, I will be buying dips. Send it. pic.twitter.com/GB1RA4M62n
— CL (@CL207) January 7, 2020
Featured Image from Shutterstock
