Bitcoin (BTC) bulls have managed to retake control over Sunday’s trading session. As of the time of writing this article, the leading cryptocurrency is trading at $9,750 — around $800 higher than Saturday’s local low of $8,900, which itself represents a 10% swing upward.
This latest leg upward is rapidly convincing analysts that a surge past the local top of $10,500 is becoming possible.
Bitcoin Holds Key Level, Ready to Head Higher
Trader Byzantine General recently noted that Bitcoin’s chart is shaping up to be even more bullish than it was yesterday. Following Saturday’s strong close in the $9,300 region, the analyst remarked that as the Kijun line of the Ichimoku Cloud held, he believes that “the chart is as bullish as it gets.”
As such, he is expecting for BTC to hit at least $10,600, just under 10% higher than the current price, in the coming days.
That long wick doesn't matter.
9300, which also happens to be the kijun, held.
This chart is as bullish as it gets.
First target is the 0.5 fib: 10600. pic.twitter.com/Z7FH7ShRX0
— Byzantine General (@ByzGeneral) October 27, 2019
Not Off the Table
There is a confluence of technical factors that back the idea that Bitcoin will continue to rocket higher into next week.
As reported by NewsBTC on Saturday, CryptoHamster recently observed that Bitcoin is still looking bullish on higher time frames. They recently posted the chart below, which shows that Bitcoin’s current one-week Heikin-Ashi candle has two tall wicks on either side and a skinny green body. For those not versed in technical analysis, this implies a “potential trend reversal.”
That’s not all. The same analyst later noted that the weekly Fisher Transform indicator, which highlights when prices have moved to an extreme to try and signal buying and selling opportunities, has recently printed a bullish crossover at the -2.5 level. CryptoHamster notes that “this signal is rarely false,” and thus strongly implies a resumption of Bitcoin price’s long-term uptrend.
— CryptoHamster (@CryptoHamsterIO) October 27, 2019
And to put a cherry on the cryptocurrency cake, trader CryptoBuzz pointed out that the fact that Bitcoin held its 100-week moving average is a likely sign that the recent move is a “breakout that should initiate a long-term bull market.”
Featured Image from Shutterstock