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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Analyst: Bearish Bias Makes no Sense, Bitcoin Price Looks Strong

Nick Chong
Nick Chong
1 year ago
2 mins read

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Created by industry experts and meticulously reviewed
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Late last month, Bitcoin (BTC) suddenly exploded higher. In under 24 hours, the leading cryptocurrency shot from $7,300 to $10,600 in a now-historic pump that caught countless traders slacking.

This move was decisively bullish, as it was, after all, the fourth-largest daily move in Bitcoin’s history, and the largest daily move in over seven years.

For some reason or another, however, a number of analysts have maintained a bearish attitude after this move. One trader, for instance, noted that Bitcoin’s three-day Relative Strength Index remains in “bear market” territory, while the recent move higher was a textbook signal for a downward trend continuation.

This bearish bias may be non-sensical though, according to SmokeyXBT, a well-followed trader.

Related Reading: Research Firm: Bitcoin Price Bottomed at $7,300, Recovery Possible

Bitcoin Bear Case Makes No Sense?

Smokey recently noted that he “isn’t quite sure how people can have a strong bias here.” While he did admit that Bitcoin has yet to break above a trendline resistance and the weekly horizontal resistance of $9,600, he noted that BTC has decisively reclaimed $9,111 — a level which has been essential for the cryptocurrency since May.

What’s more, the buying volume on the reclamation of this key support was higher than it was on the breakdown, implying that bulls are attempting to assert control over the market.

https://twitter.com/SmokeyXBT/status/1191061256188370945

 

Related Reading: Analyst: Bitcoin May See 30% Rally to $12,000 as Price Breaks Out

Smokey isn’t the only analyst thinking that Bitcoin is looking strong after holding in the low-$9,000s for days now. The Crypto Dog recently quipped that  Bitcoin “looks like a launchpad.” Backing his quip, Dog looked to two resistance levels, which BTC has established over the past week. Recently, the cryptocurrency quietly broke above them, showing that the longs are starting to gain control.

Related Reading: Institutions Accrue Bitcoin Long Positions as Price Looks to Break Past $9,300
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Nick Chong
Nick Chong

Nick Chong

I am a writer who has been following Bitcoin for years now. My insights and interviews have been featured in leading publications in the industry such as LongHash and Decrypt. I own a small amount of Bitcoin.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

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Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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