Bitcoin's (BTC) sharp recovery from two-week lows has raised the odds of a stronger rally towards $6,400, technical studies indicate.
As of writing, the leading cryptocurrency is changing hands at $6,245 on Bitfinex.
BTC was expected to drop below $6,000 in the last 24 hours as the bears were on the offensive following an inverted flag breakdown.
However, the intraday oversold conditions likely put a floor under bitcoin prices at the two-week low of $6,080, helping it chart a solid rebound to $6,283 (today's high).
While it is too early to call a bullish reversal, the change of fortune has saved the day for the BTC bulls. Moreover, the probability of BTC's price charting a picture-perfect inverse head-and-shoulders bullish reversal pattern would have dropped sharply had BTC found acceptance below $6,000.
Further, the sharp recovery from $6,080 to $6,283 has opened the doors to re-test of $6,400, the price chart analysis indicates.
Source
Plagiarism is the copying & pasting of others work without giving credit to the original author or artist. Plagiarized posts are considered spam.
Spam is discouraged by the community, and may result in action from the cheetah bot.
More information and tips on sharing content.
If you believe this comment is in error, please contact us in #disputes on Discord
Congratulations @cryptocurrecy! You have completed the following achievement on Steemit and have been rewarded with new badge(s) :
Click on the badge to view your Board of Honor.
If you no longer want to receive notifications, reply to this comment with the word
STOPDo not miss the last post from @steemitboard:
SteemitBoard World Cup Contest - The results, the winners and the prizes
Congratulations @cryptocurrecy! You have completed the following achievement on Steemit and have been rewarded with new badge(s) :
Click on the badge to view your Board of Honor.
If you no longer want to receive notifications, reply to this comment with the word
STOPCongratulations @cryptocurrecy! You received a personal award!
You can view your badges on your Steem Board and compare to others on the Steem Ranking
Do not miss the last post from @steemitboard:
Vote for @Steemitboard as a witness to get one more award and increased upvotes!