Cryptocurrency
As Bitcoin Bounces Back Above $7K, Popular Analysts Say Monthly Close Is Pivotal
As reported by CoinDesk, “Bitcoin has charted a relief rally in the last 24 hours, yet it still needs to rise by more than $1,000 in the next three days to invalidate bearish pressures, according to prominent analysts. “The recovery from six-month lows around $6,500 had been expected, with key indicators reporting extreme oversold conditions […]
As reported by CoinDesk, “Bitcoin has charted a relief rally in the last 24 hours, yet it still needs to rise by more than $1,000 in the next three days to invalidate bearish pressures, according to prominent analysts.
“The recovery from six-month lows around $6,500 had been expected, with key indicators reporting extreme oversold conditions and intraday charts flashing signs of seller exhaustion.
“While the bounce is encouraging, a bullish reversal is likely still a way off.
“‘Bitcoin needs to close above $8,300 by the end of the month or we’ll likely have a bearish December to test new lows,’ popular market analyst and Adaptive Fund partner, Willy Woo, tweeted during the Asian trading hours.
“The top cryptocurrency is currently changing hands at $7,200 on Bitstamp, representing a 10.5 percent rise from the six-month low of $6,515 registered on Monday.
“Essentially, bitcoin needs to rally more than 15 percent and print a UTC close above $8,300 on Nov. 30, or a bearish engulfing candle will be created on the monthly chart…”