This Technical Pattern Signals Bitcoin Could Soon See an Explosive 160% Rally
- Bitcoin has entered what appears to be consolidation phase as it struggles to firmly surmount the $9,000 region
- The cryptocurrency is flashing some hints of bullishness as it attempts to gain a foothold within this region, although bulls need to garner greater buying pressure to make this happen
- One factor that could bolster Bitcoin and send it screaming back up towards its all-time highs is an extremely bullish technical pattern that just emerged
Bitcoin has seen some turbulence throughout the past few days. After reeling to lows of $8,100, buyers have since “bought the dip” and helped propel the crypto back towards $9,000.
It is important to note that there does appear to be some heavy resistance at this price region, and its rebound may start slowing down as it struggles to firmly surmount the selling pressure seen here.
One factor that could help propel the benchmark cryptocurrency significantly higher in the days and weeks ahead is a recently remerged technical pattern.
The last time this pattern flashed, Bitcoin saw a 160% rally. But whether history will repeat itself this time around remains to be seen.
Bitcoin Posts Firm Rebound from Recent Lows as Technical Strength Mounts
At the time of writing, Bitcoin is trading up marginally at its current price of $8,850. This is around the level at which the crypto has been trading throughout the past several days.
It does mark a roughly 10% rebound from lows of just over $8,000, although the selling pressure at $9,000 has slowed its momentum and has even put it at risk of seeing further downside.
The crypto has been able to form what appears to be an inverse head and shoulders pattern.
This is a bullish technical sign that tends to mark mid-term bottoms, and its break above this formations neckline today seems to confirm it as valid – as seen in the below chart offered by an analyst on Twitter.
This Technical Pattern Signals BTC Could be on the Cusp of a Massive Upswing
The inverse head and shoulders pattern isn’t the only thing that could help boost Bitcoin in the days and weeks ahead.
One popular cryptocurrency analyst explained in a recent tweet that the last time BTC posted seven consecutive doji patterns on its weekly chart it subsequently saw a parabolic 160% rally.
Because the crypto has formed this many doji candles throughout the past seven weeks, it is possible that it could be on the cusp of making a massive upside movement – should history repeat itself.
“Look what happened the last time we had 7 consecutive green weekly candles. We had a “doji” candle, followed by a 160% increase. By the looks of it, we’re in for a ride.”
Featured image from Unplash.
How to get the Bovada Bitcoin Bonus in 2021 worth up to a maximum total of $3,750
In this article we will explain how to get the Bovada Bitcoin bonus - it's…
What is the Best Bitcoin Wallet for Sports Betting?
Welcome to our aticle which will help you find the answer to the question of;…
Traders Forecast Bitcoin Will See a “Cool-down Period” as Rally Overheats
[ad_1] Bitcoin has been caught within the throes of a consolidation phase ever since its…
Digital Euro, CBDCs and Bitcoin – Bitcoin Magazine
Listen To The Episode: This episode of Bitcoin Magazine’s Fed Watch is a cosmic ride…
Analysts Expect Move to $20,000 High as Bitcoin Holds Key Supports
[ad_1] Bitcoin underwent a rapid correction last evening after the coin pressed as high as…
Bitcoin Entrepreneur Malcolm CasSelle Dies At 50 – Bitcoin Magazine
[ad_1] Malcolm CaSelle, a pioneering blockchain technology and Bitcoin entrepreneur, has died at age 50,…