Bitcoin (BTC) rate shows bullish signals

Bitcoin (BTC) course trades sideways but shows bullish signals

Bitcoin (BTC) course trades sideways but shows bullish signals

Bitcoin (BTC) is currently still trading under the resistance wherever it was trading this morning. However, there are a number of bullish signals that signal a possible further rise. In this article you can read all about the latest developments in the bitcoin course.

At the time of writing, bitcoin (BTC) is worth $ 11,876 according to CoinMarketCap. As a result, the price rose by 4.56% in the last 24 hours. The current price means a small increase compared to this morning’s article, but a few things have happened.

Because bitcoin is worth almost the same, but total market capitalization has fallen slightly to $ 332.8 billion, bitcoin dominance has increased further. It now stands at 63%, a value that was last seen more than two years ago.

After bitcoin once tested the $ 12,000 last night, the bulls failed to retest this level. The price did find support at $ 11,500 after the value fell for most of the morning.

After tapping that $ 11,500, the rate is on the rise again. On the hourly graph, the rate therefore forms a bullish flag. This formation is characteristic of a flagpole (a long green candle ) with a flag behind it (a consolidating course). This pattern is often positive news and can signal further increases.

Moreover, we see a bull hammer on the daily chart . This is a type of candle with a small body, but a long wick on the bottom and a short wick on the top. This candle signals that the bulls have found new strength. Since the next day’s candle looks very bullish, these are signals that predict possible further growth of the price.

For the shorter term, the next resistance is still at $ 12,000. When this price level breaks through, traders must keep an eye on $ 12,200. If the price drops again, the $ 11,500 will possibly offer support.

About Shawn Morrison 266 Articles
One of the founders of BitzArena. Active with crypto currency since the rise of the bitcoin. Loves the innovative character of crypto and blockchain technology, and follows developments in the market closely. Likes to connect technology with business, and likes to make difficult concepts accessible to a wide audience.

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