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The rebound today allowed Bitcoin price to thwart a death cross, does a good signal appear to help increase the price to $ 20,000?

Bitcoin and the cryptocurrency market have witnessed some significant fluctuations lately. This volatility yesterday initially favored the seller, as it dropped to $ 8,900 before finding a little buying pressure that brought it back to $ 9,200. At press time, Bitcoin price is fluctuating around $ 9,500 – $ 9,600.

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BTC/USD 4 hours chart | Source: Tradingview

Bitcoin price falling yesterday put it in peril of losing its macro technical strength

This recovery has allowed Bitcoin to hinder a “death cross” that was forming on its 4-hour chart. Yesterday’s price action is critical to identifying the short-term trend of Bitcoin. A substantial break out in the area above $ 8,000 will be enough to spark a strong downtrend.

The buyer was able to defend this level, however, and has since flashed some signs of serious strength. Before the strong recovery was seen overnight, Bitcoin was at the top of the formation of a “death cross” on its 4-hour cloud formation.

At the time, cryptocurrency analyst Teddy said:

“Cloud so … close to death cross on 4h – last time it happened, it was February.”

the-rebound-today-allowed-bitcoin-price-to-thwart-a-death-cross

Source: Chart from cryptocurrency analyst Teddy

Yesterday’s decline and the subsequent rally also confirm the lower boundary of the ascending triangle formation that analysts have been following earlier. Now it seems that this model is, in fact, valid and could help boost Bitcoin significantly higher in the coming months when it reaches its peak of formation in August.

Analyst Wolf said:

“Ascending triangle intact and in force.”

the-rebound-today-allowed-bitcoin-price-to-thwart-a-death-cross

Source: Chart from cryptocurrency analyst Wolf

Bitcoin must shatter the resistance at $ 10,500 in the next couple of months for this triangle to be confirmed.

On-chain signals and technical signals suggest that Bitcoin is about to begin a long-term rally

Earlier this month, Bitcoin’s network difficulty saw a sharp correction lower. The network difficulty is how hard it is for BTC miners to find blocks.

According to Bitcoin chartist Nunya Bizniz, Bitcoin’s network difficulty saw a sharp correction lower allowed the cryptocurrency to print a textbook bullish sign.

He said:

“Today is the 9th monthly downward DA What makes this one unique is created the 1st to occur post halving. Monthly DDA’s may signal miner capitulation and market bottoms.”

According to the chart below, each adjustment to the monthly difficulty of the correction seems to have come when Bitcoin reverses into a bull market. In 2018, two such signals were seen before BTC rallied by 300%. And in 2015, they marked the bottom in the $ 200-500 range before a more than 4,000% rally to $ 20,000 in the two years that followed.

the-rebound-today-allowed-bitcoin-price-to-thwart-a-death-cross

There is no obvious combination, no spike to undo the growing BTC divergence, the $ 20,000 dip will soon be seen shortly.

You can also check Bitcoin Price here.

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