Bitcoin is Fighting to Enter a Full-Blown Bull Market; Factors to Consider

Bitcoin is Fighting to Enter a Full-Blown Bull Market; Factors to Consider

By stvleong | Steven Leong | 11 Jun 2020


Bitcoin has seen today some intense volatility that occurred after the price of the cryptocurrency rose past $10,000 before being further sharply rejected and led back into the region of $9,000.

c58c41b2b624b841772c31c3635d99fe6587714bba116c6070b50fe39b4b3514.png

This price action has once again caused BTC to fall into the same consolidation channel as it used to be, and its mid-term trend is still unclear.

This latest instability has been the most latest in a sequence of so-called "Darth Maul" candles coordinated in an effort to remove over-released positions.

Now BTC now seems to be working hard to shatter a trend that has led to a lower trend over several years and analysts see how it reacts to a number of key moveable averages for an insight into the next trend.

One trader also notes that one technical trend suggests that Bitcoin is able to see a big upside is a teeth on the verge of reaching a full-flowing bull market.

Bitcoin fight against a trend for multi-year pressures
At the time of publishing, Bitcoin traded at its current price of $9,870 just under 1 percent. This represents a notable improvement of less than $9,700 a day, but a small drop from less than $10,100 a day.

The stresses between BTC's current price and its main $10,500 high time frame resistance have proved to be three times in the last six months insurmountable. An analyst addressed the value of $9.820 and clarified it it marks the upper end of a trading range that has been established over the last 43 days.

The same analyst also noted that the downward trend of three years underlying the crypto exists at around $10,500. He assumes that a solid and definitive break above that point could bring Bitcoin up to $13,800 for 2019.

This key indicator is about to post a bull trend signal BTC
In addition to the over-strength indicators for the above reasons, the cryptocurrency benchmark could also be at the cusp of rallies based on the signal of a bull trend to its Gann Fan.

 

Previous post:

Data Shows Bitcoin Options Markets Are Maturing Faster Than Futures
https://www.publish0x.com/steven-leong/data-shows-bitcoin-options-markets-are-maturing-faster-than-xpjpeel

Japanese Home Builder Using Blockchain to Simplify Rental Contracts
https://www.publish0x.com/steven-leong/japanese-home-builder-using-blockchain-to-simplify-rental-co-xnlxwro

Seedless Wallets Want to Make Bitcoin More User Friendly
https://www.publish0x.com/steven-leong/seedless-wallets-want-to-make-bitcoin-more-user-friendly-xmdmrnk

How Blockchain Helps Send People into Space
https://www.publish0x.com/steven-leong/how-blockchain-helps-send-people-into-space-xzynpgk

Bitcurate - Cryptocurrency Predictive Data Intelligence Platform
https://www.publish0x.com/bitcurate-crypto-predictive-data-intelligence/bitcurate-cryptocurrency-predictive-data-intelligence-platfo-xgddnxm

New Crypto Product Launch: Bitcurate LIVEFEED - Your 1-stop crypto alert
https://www.publish0x.com/steven-leong/new-crypto-product-launch-bitcurate-livefeed-your-1-stop-cry-xolmqwp

The price of Cardano (ADA) is now on fire
https://www.publish0x.com/steven-leong/the-price-of-cardano-ada-is-now-on-fire-xvryrnn

Scammer Spoofs SMS Steal Funds Identifier for Bitcoin users
https://www.publish0x.com/steven-leong/scammer-spoofs-sms-steal-funds-identifier-for-bitcoin-users-xjjojqo

Bitcoin Rising, Satoshi Discoveries and Google Enters the Race: Bad Crypto News of the Week
https://www.publish0x.com/steven-leong/bitcoin-rising-satoshi-discoveries-and-google-enters-the-rac-xzynyly


stvleong
stvleong

I'm a Digital Marketing Lead | Crypto Trader | Affiliate Marketer and love to write posts related to crypto and anything that is interesting.


Steven Leong
Steven Leong

Passionate and love to write articles related to crypto news, articles, guides, reviews, price predictions and more. Follow me and like my post.

Send a $0.01 microtip in crypto to the author, and earn yourself as you read!

20% to author / 80% to me.
We pay the tips from our rewards pool.