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Home Cryptocurrency news Bitcoin

Bitcoin Just Printed These Key Bullish Signals as Price Surged to $8,100

Nick Chong by Nick Chong
1 year ago
in Bitcoin, Technical analysis
Reading Time: 2min read
Ethereum Price About to Go Parabolic? Here’s Why It’s Possible
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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.

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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.

I haven't seen anyone talk about this yet, but the 4H 50 & 200 EMA made a clean bull cross today.

Feeling like longing into resistance ?#bitcoin pic.twitter.com/KoekBaSzXd

— Byzantine General (@ByzGeneral) January 7, 2020

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 us

More 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
Tags: analysisbitcoinmarketprice
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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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