Bitcoin May Soon Make a Big Movement That Favors Bulls


After facing some downwards pressure yesterday, Bitcoin (BTC) has been able to incur some upwards momentum that has allowed it to climb back to $9,300, which marks a slight climb from its daily lows of $9,150.

Analysts are now noting that Bitcoin is currently caught within a wide descending channel over a long-time frame, but a bullish formation that it is currently caught within on a lower-time frame may mean that a visit to the upper boundary of this channel is imminent.

Bitcoin Climbs Slightly as Analysts Anticipate Imminent Big Movement

At the time of writing, Bitcoin trading up roughly 1% at its current price of $9,300, which is the highest point that it has been trading at over the past 24 hours.

Bitcoin’s short-term bullishness came about after the crypto briefly visited $9,150 yesterday, which appears to be a near-term level of support that could bolster the cryptocurrency’s price action in the near-term.

It is important to note that the past few weeks have marked a consolidation period for the cryptocurrency, which has been ranging between $9,000 and $9,500 ever since it incurred its meteoric rally to $9,500.

Big Chonis, a popular cryptocurrency analyst on Twitter, explained in a recent tweet that a technical formation may signal that a big price movement is imminent.

“Current ‘Heikin Ashi’ with a very tight ‘doji’ body after a small green candle, ‘reversal signal? BIG move setup, after sideways down all week just like the volume,” he explained while pointing to the chart seen below.

BTC Caught in Wide Descending Channel

It is also important to note that Bitcoin is currently caught within a wide descending channel, which could mean that it is gearing up for a big movement to either the upper or lower boundary of the channel that it is currently trading within.

Jonny Moe, a popular cryptocurrency analyst on Twitter, spoke about this channel in a recent tweet, pointing to a chart that shows its upper-boundary around $9,900, and also showing that BTC is caught in a bull flag that could help propel it higher in the near-term.

“Tweaked a little as we’ve gone along, but still watching, waiting. $BTC,” he said while pointing to the below chart.

The range that Bitcoin is currently trading within should be closely watched by trader and analysts alike, as its response to the upper-boundary at $9,900 could provide significant insight into where the crypto is heading next.

Featured image from Shutterstock.

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